$59 million central city mixed-use development proceeds
The planned transformation of a historic Milwaukee central city industrial site into affordable apartments is proceeding, with the developer buying the property and lining up financing.
Known as The Community Within The Corridor, the development was proposed in 2017 by Que El-Amin, who operates Scott Crawford Inc.
El-Amin recently completed his purchase of buildings totaling 380,000 square feet, with the main address of 3212 W. Center St., for $2.5 million. The buildings range from one story to four stories.
He also filed a new request for a zoning variance to allow 127 apartments on a portion of the sprawling, two-block property at 2748 N. 32nd St.
Along with apartments, that portion of the property is to be converted into commercial space as well as parking, community rooms, a fitness center and other amenities for the residents, according to the filing with the Board of Zoning Appeals.
El-Amin said he’s secured federal affordable housing tax credits and state and federal historic preservation tax credits. Those together account for $37.5 million of the development’s $59 million financing package.
Developers who receive affordable housing tax credits must provide apartments at below-market rents to people earning no more than 80% of the local median income.
The historic tax credits are used to reduce the costs of preserving historic buildings.
Part of El-Amin’s property was built around 1908 for Briggs & Stratton Corp. before that company moved its operations to Wauwatosa. It has since been used for storage.
Other financing sources are to include a $15.5 million bank loan, $2.2 million in a deferred development fee and a $1 million federal grant.
Also, El-Amin is seeking $3.15 million in city financing.
If approved by the Common Council, that would be provided by the development’s new property tax revenue through a tax incremental financing district.
The Community Within The Corridor, so named because it would be within Milwaukee’s North 30th Street Industrial Corridor, would be developed in phases.