John Bitely, president of Sable Homes and North River Hills, told the Grand Rapids Business Journal that the company will use brownfield incentives to construct a new home development in the city of Newaygo.
The Rockford-based home developer and its subsidiary, North River Hills LLC, earned brownfield incentives to build 16 new homes in River Hills Estates, a neighborhood offering housing for those who work and live in Newaygo. The River Hills Estates brownfield incentives, approved by the Michigan Land Bank Authority on Nov. 10, can be used to pay for infrastructure, site preparation and environmental costs.
“We could not sell home lots for a premium price to cover site preparation and infrastructure, so we reached out to the Michigan Land Bank Authority for support,” Bitely said. “With the land bank’s help and support from the Newaygo County Brownfield Redevelopment Authority and the city, we’re using brownfield incentives for the funding gap.”
Sable Homes will be reimbursed from the development’s increased property taxes for infrastructure and site preparation costs under a brownfield plan amendment, approved by the city of Newaygo, the Newaygo County Brownfield Redevelopment Authority and Newaygo County.
North River Hills and Sable Homes took over the first phase of River Hills Estates in 2017 after it remained unfinished for 15 years. At that time, four homes had been built in the phase designed for 31 homes. Sable was able to revitalize River Hills Estates and finished construction of new homes on the remaining 27 lots earlier this year.
“Through our experience in the last three years, we know there is a continued need for new home construction in the Newaygo community,” said Karin Kay, Sable Homes’ sales manager. “With groundbreaking for the first homes expected early next year, this collaborative public and private partnership is central to allowing the end user to realize homeownership while increasing the community’s stock of workforce housing.”
Read the full GRBJ article, here.