10 N 3RD STREET - Niles, MI
Niles, Michigan is known as “The City of Four Flags,” the oldest European settlement in lower Michigan with over 300 years of interesting architecture, culture and history. The Berkshire– Niles is located at the corner of Third and Broadway in the Heart of Downtown Niles. This 53-unit independent senior housing community is the latest addition to General Capital’s “Berkshire” brand. The 3-story building features gabled roof forms with dormers over porches, high quality brick and siding materials and underground parking, a feature rarely seen in this market.
General Capital worked with local stakeholders to design an appropriate building for this important gateway location. The property is an assemblage of several small, underutilized parcels in a highly visible location with views of the St. Joseph River. The project gained full support of the local municipality, including the Downtown Development Authority, which approved the project through its Design Review Board. The City Council endorsed the project with a support resolution and PILOT. The project will be the first significant new residential development in Downtown Niles in decades. The project will have a catalytic impact on the immediate neighborhood and will bolster community confidence in the development potential of Downtown Niles.
The $12.1 million project was funded with tax credit equity and permanent debt through Insite Capital/Chemical Bank and a $500,000 grant from the Federal Home Loan Bank of Indianapolis.