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| Sally Peltz |
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| 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.”
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| 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,
kshumaker@taylorjohnson.com, 312-267-4519
Kim Manning,
kmanning@taylorjohnson.com, (312) 267-4527
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