$3.1 million in city cash endorsed for $59 million development
The planned transformation of a large, historic Milwaukee central city industrial site into affordable apartments, as well as commercial and community space, would get city financing help under a proposal endorsed Tuesday.
Known as The Community Within The Corridor, the $59 million project will redevelop around 7 acres bordered by West Center, West Hadley and North 33rd streets, and Union Pacific railroad tracks. It was once home to 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 Department of City Development report.
The financing is to include $3.15 million in city cash.
That would be provided by annual payments of the development’s new property tax revenue for around 20 years.
That tax incremental financing district was recommended for approval Tuesday by the Common Council’s Zoning, Neighborhoods and Development Committee. A council vote is set for July 7.
With renovations to begin in November, the first batch of apartments will be ready by spring 2022.
The Community Within The Corridor was publicly proposed in 2017 by Que El-Amin, who operates Scott Crawford Inc.
Federal and state affordable housing and historic preservation tax credits together account for $37.1 million of the development’s $59 million financing package.
Other financing includes a $15.5 million bank loan, $2.1 million in a deferred development fee and a $1 million federal grant, said a city report.
El-Amin, asked by committee members how he moved the development forward in such a challenging area, both thanked God and praised what he called a team effort — including city officials, investors and community members.
“There was a lot of people who all kicked in,” he said.
El-Amin, a younger Black developer, needed a partner to help secure financing. And the Milwaukee area’s more established firms weren’t interested in the project, he told the 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 Minneapolis area’s largest development firms.
Roers Co. became a partner in The Community Within The Corridor, helping secure financing and completing the site’s $2.5 million purchase in May.
The buildings date to 1906, according to the Wisconsin Historical Society. They housed Briggs & Stratton operations before closing in the mid-1980s.
The nearly 200 apartments will range from efficiencies to four-bedroom units.
The Community Within The Corridor will include a large recreation center, with basketball courts and other amenities for residents, which also will host community events. Outdoor rec uses will include a small skateboard park and a putting green.
The commercial space will include a child care center, grocery, laundromat and job training center.