Thursday, May 19, 2016

VeriGreen Development and Legacy Midwest Corp. Secure Federal Tax Credits For Redevelopment of Former Blommer Ice Cream Factory in Milwaukee, WI

Sally Peltz
David Block
CHICAGO, IL – Chicago-based VeriGreen Development, a division of Evergreen Real Estate Group, together with Milwaukee-based Legacy Midwest Renewal Corp. (LMRC), a subsidiary of Milwaukee-based Legacy Redevelopment Corp., announced the Wisconsin Housing and Economic Development Authority (WHEDA) has awarded approximately $723,000 in Federal Low Income Housing Tax Credits (LIHTC) to help finance the redevelopment of the former Blommer Ice Cream Co. factory and adjacent lots at 15th Street and North Avenue in Milwaukee.

WHEDA announced the awarded LIHTC amount at a press conference May 2.

“We are thrilled to have secured the tax credits needed to make this project economically feasible,” said David Block, director of development for VeriGreen Development. “In addition to preserving a piece of Milwaukee history, this project will help bring additional vibrancy and activity to Milwaukee’s Lindsay Heights neighborhood.”

Sally Peltz, founder and president of LMRC and Legacy Redevelopment Corp., added, “We believe the new development will partner perfectly with other projects that are helping to revitalize the Lindsay Heights neighborhood, including the Innovation and Wellness Commons project developed by Walnut Way, which is just across the street, and a major new investment by the Social Development Commission one block west along North Avenue.”

Russell W. Stamper II
Located at 1500-1504 W. North Ave., the $12.6 million project will include 64 mixed-income residential units, which will consist of spacious one-, two- and three-bedroom apartments and townhomes. 

The development will also bring additional retail life to Milwaukee’s North Avenue corridor, with 2,000 square feet of commercial space that will create opportunities for neighborhood workers and businesses.

“There are significant investments large and small happening in the 15th District,” said Alderman Russell W. Stamper II.  “Momentum is building and the time is right for the apartments at 15th Street and North Avenue.”

VeriGreen Development and LMRC collaborated with local neighborhood stakeholders including the Craftsman Restoration Guild, a project of Larry and Sharon Adams, and Walnut Way Redevelopment Corp to help secure the necessary resources to allow the project to move forward.

Construction on the development, which will create approximately 80 jobs for local residents, will begin later this year, with first move-ins scheduled for late 2017. The property will be managed by Evergreen Real Estate Group.

 For a complete copy of the company’s news release, please contact:

Kelly Shumaker,, 312-267-4519
Kim Manning,, (312) 267-4527

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