The former Autumn Ridge complex in Lansing is getting a second chance at life under new ownership, with significant renovations already underway and plans to restore all 618 units.
Justin Golden and his team at Great Water Opportunity Capital purchased the property, now called Evergreen Park, in May 2024 for approximately $35 million. When they took over, the complex was in dire condition.
"When we acquired the property, 100% of the units were pink tagged, which means you were not legally allowed to sign a new lease in those units and 118 units were red tagged, which are deemed unsafe," Golden said.
Since the acquisition, Great Water has invested $8 million in renovations and made substantial progress. The city has confirmed that the company has cleared at least 250 pink tags and 116 red tags.
"We repaired or replaced 77 roofs if I am not mistaken. The pool had been closed for years, so we spent some money on that," Golden said. "We had to demolish a number of garages but we built some as well."
The extensive renovation work earned Great Water an 8% PILOT tax break from the city, providing crucial financial relief for the project.
"It gives us some temporary relief, so instead of me paying a million and a half next year, based on my calculations and what we collect next year the taxes would go down to about half a million dollars so that's a big saving in the first year," Golden said.
Golden plans to use those savings to continue the restoration work on the remaining units.
"There are hundreds of units that need to be brought back into compliance and going through the work of getting those units approved is a lot, it's tedious," Golden said.
Despite the challenges, Golden remains optimistic about the project's potential impact on the community.
"A property this size could provide lots of housing to lots of people," Golden said. "This was an asset that was attractive to us because of its size and importance."
Currently, about 350 residents occupy the complex. When fully restored, Golden estimates it could house well over 1,000 people.
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