THE SHIAWASSEE STREET SCHOOL, located at 106 S. Shiawassee, is now being transformed into a 40-unit apartment community for the city of Corunna. Corunna officials are excited to see the project begin and to transform not only a historic building, but a structurally sound one into a useful asset for the community.
The building has undergone many changes through the years and a clear photo of those structural differences is shown. (Independent Photos/Karen Mead-Elford)
by Elizabeth Wehman, editor
The Woda Group, Inc., has now begun construction on the historic Shiawassee Street School located in downtown Corunna. Once completed, the former school will be transformed into a well-appointed and energy efficient 40-unit apartment community. The project is being called the Cavalier Greene development, and its primary source of funding is a tax credit equity from the Low Income Housing Tax Credit (LIHTC) program.
The former school was constructed by Rickman and Son in 1908. This same company also built the Shiawassee County Courthouse in 1903-04. The cost of the school totaled just $31,000, and it was the fifth school building at this location since the 1840s.
Corunna City Manager Joseph Sawyer commented about the project, “We are thrilled to see the progress of this project moving forward. The building will continue to be a central point in the community. The city would hate to see the building just left to deteriorate because it is a structurally sound building.”
“The Woda Group Inc., is grateful to Corunna Public Schools for their willingness to sell the historic Shiawassee School so our company can transform this iconic Corunna asset into a vibrant family community with 40 apartments,” said Craig Patterson, Senior Vice President for the company. “Our investment of approximately $8 million will breathe new life into the now vacant school by providing much needed housing to the community,” he added.
The construction company assures residents that the property’s historic features will be preserved and restored to their original splendor. A new addition will be added to the former school so that once completed, Cavalier Greene will provide 10 one-bedroom and 30 two-bedroom apartment homes. Each apartment will feature many amenities including full kitchens with Energy Star rated appliances, washers and dryers, overhead lighting fixtures, and uniform window coverings. Cavalier Greene will also have a wealth of site amenities including a community recreational room with kitchenette, an on-site management office, computer room, exercise/fitness facility, laundry room, and a playground as well as picnic area.
The Michigan State Housing Development Authority allocated approximately $540,000 in annual low income housing tax credits for the development. City Real Estate Advisors is investing approximately $5.6 million in equity in return for the low income housing tax credits, and $950,000 in return for Federal Historic Rehabilitation Tax Credits. Citizens Bank is providing construction financing of appoximately $6.5 million and is also permanent debt financing as well.
The project has a slated completion date of late spring 2017. The Woda Group, Inc., has offices in Westerville, OH; Annapolis, MD; Savannah, GA; Shelbyville, KY; Norfolk, VA; Indianapolis, IN; and Mackinaw City, MI.