Michigan developer plans to build 192 apartments near Toledo’s Inverness Club
Posted By: The Toledo Blade on February 28, 2023. For more information, please click here to read the source article.
A Michigan developer plans to break ground in the coming weeks on a 192-unit apartment complex off Dorr Street near the Inverness Club in Toledo.
The approximately $15 million Brailey Apartments project will include six three-story buildings built on what’s now open fields off Linden Lane, city permitting documents show.
The site is west of the golf club just south of the Reynolds Corners branch of the Toledo Lucas County Public Library. The neighborhood includes numerous older apartment complexes and duplexes.
“It’s a very pretty location,” said Heidi Wenner, chief operating officer of developer MRD Apartments, based in East Lansing.
She said the project will charge market-rate rents for its one and two-bedroom units once it’s finished in roughly a year, though exact pricing is not yet available.
MRD owns about 120 apartment complexes across 11 states. In northwest Ohio, it has the Fuller Apartments in Perrysburg and the Carr Apartments in Sylvania, both of which are still under construction, as well as the Steedman Apartments in Waterville, which is open and planning to build a second phase.
Those complexes are charging as little as $1,050 per month for a one-bedroom unit, up to a high of $1,574 for a two-bedroom, two-bathroom unit, according to company brochures.
The Brailey Apartments are one of about 10 apartment projects — including affordable, market rate, and senior housing — that are in the pipeline in Toledo, said Brandon Sehlhorst, the city’s economic development director.
Added up, the projects will bring more than 1,000 new apartments to the city in the coming years, he said.
“As we just completed our comprehensive housing strategy, we’re looking at how we can add more housing in the city, of all different types,” Mr. Sehlhorst said, referring a 10-year housing plan approved by city officials more than a year ago.
The Brailey project is one of the first new apartment developments to be announced in recent years for the western side of the city, he said. Another is Colony Lofts, a $45 million, 260-unit project underway near ProMedica Toledo Hospital. Those apartments are expected to be more upscale, however.
Mr. Sehlhorst said MRD Apartments had applied for a Community Reinvestment Area tax exemption with the city — which provides property tax abatement for certain types of new developments and rehabilitation projects — but the application is still under consideration.
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