City’s $ 3.1 million in cash approved for $ 59 million Milwaukee project
The planned transformation of a large historic industrial site in downtown Milwaukee into affordable apartments, as well as commercial and community spaces, would receive financial assistance from the city under a proposal approved Tuesday.
Known as The Community Within The Corridor, the $ 59 million project will redevelop approximately 7 acres bordered by West Center, West Hadley and North 33rd streets and the Union Pacific railroad tracks. It was once the home of Briggs & Stratton Corp.
Six buildings, ranging from one to three stories and totaling 380,000 square feet, will be converted into 197 apartments, 23,000 square feet of commercial space and 40,000 square feet of recreational and community space, according to a report from the Department of Development. municipal.
Funding to include $ 3.15 million in city cash
This would be provided by annual payments of new development land tax revenues for about 20 years.
This district for additional tax funding was recommended for approval on Tuesday by the common council’s zoning, neighborhoods and development committee. A council vote is set for July 7.
With renovations scheduled to begin in November, the first batch of apartments will be ready by spring 2022.
The community in the hallway was publicly offered in 2017 by Que El-Amin, who operates Scott Crawford Inc.
Federal and state tax credits for affordable housing and historic preservation together account for $ 37.1 million of the $ 59 million development finance package.
Other funding includes a $ 15.5 million bank loan, $ 2.1 million in deferred development costs and a $ 1 million federal grant, according to a city report.
El-Amin, when asked by committee members how he had advanced development in such a difficult area, both thanked God and praised what he called a team effort – including city officials, investors and community members.
“There were a lot of people who all went for it,” he said.
El-Amin, a young black developer, needed a partner to help him get funding. And the more established companies in the Milwaukee area weren’t interested in the project, he told Journal Sentinel earlier this month.
So, with an introduction from a local architect, Falamak Nourzad, of Continuum Architects, El-Amin met Brian Roers, co-owner of Roers Cos., One of the largest development companies in the Minneapolis area.
Roers Co. partnered with The Community Within The Corridor, helping secure funding and finalizing the $ 2.5 million site purchase in May.
The buildings date from 1906, according to the Wisconsin Historical Society. They housed Briggs & Stratton operations before closing in the mid-1980s.
The nearly 200 apartments range from efficiency to four-bedroom units.
The community in the hallway will include a large recreation center, with basketball courts and other amenities for residents, which will also host community events. Outdoor recreational uses will include a small skateboard park and a putting green.
The commercial space will include a daycare, a grocery store, a laundromat and a vocational training center.