Groundbreaking set this week for new Walker's Point apartment building
Developers Impact Seven and Rule Enterprises will officially break ground on a new affordable-housing project at 704 W. National Ave., in Walker's Point, on Thursday, Feb. 22, at 10:30 a.m.
The $12.2 million project, called SEVEN04 Place, will include 60 units with on-site support services for military veterans and working families.
The 60 apartments – 14 of which are reserved for veterans and others who have struggled with housing stability – will include a mix of one-, two- and three-bedroom units in a four-story building, designed by Milwaukee-based Arc-Int Architecture.
Catalyst Construction is the project's contractor and the development is expected to be completed by early 2019.
Among those expected to attend the groundbreaking this week are Mayor Tom Barrett, U.S. Congresswoman Gwen Moore and Ald. Jose Perez.
Ellen Sexton, CEO, UnitedHealthcare Community Plan of Wisconsin, is also slated to attend. UnitedHealthCare is providing $6.3 million in equity via a Low-Income Housing Tax Credit partnership with Cinnaire and Minnesota Equity Fund, making it the largest investor in the development.
The investment is part of the company's initiative "to connect people in need to housing and support services to help them live healthier lives."
The tax credits were allocated by the Wisconsin Housing and Economic Development Authority, which is adding $3.2 million in loans and mortgage financing. An additional $2.2 million comes from The City of Milwaukee, the U.S. Department of Housing and Urban Development, IFF and the Federal Home Loan Bank of Chicago, Wisconsin Economic Development Corporation and NeighborWorks.
Impact Seven and Rule Enterprises is chipping in $450,000 in deferred development fees.
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