Construction for SEVEN04 PLACE, a new 60-unit affordable-housing development in the Walker’s Point neighborhood of Milwaukee, started on Thursday.
Developed by Impact Seven and Rule Enterprises, SEVEN04 PLACE will feature one-, two- and three-bedroom apartments, including 46 units of affordable housing for individuals and working families. Fourteen units will be dedicated to permanent supportive housing for military veterans and other adults who have struggled with barriers to housing stability.
During Thursday’s groundbreaking event, UnitedHealthcare – the largest investor in the new development – announced it is providing $6.3 million in equity through a Low-Income Housing Tax Credit partnership with Cinnaire and Minnesota Equity Fund.
The Wisconsin Housing and Economic Development Authority allocated tax credits for 49 of the 60 units and is providing $3.2 million in loans and mortgage financing for the entire development. 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 Corp.; and NeighborWorks added $2.2 million in additional funding. Impact Seven and Rule Enterprises is providing $450,000 in deferred development fees.
Impact Seven will manage SEVEN04 PLACE, which will feature on-site amenities such as a multipurpose community lounge, fitness room, on-site property offices, surface parking, indoor bike and resident storage, and a washer and dryer in each unit. The new community will be accessible to public transportation, located within blocks of multiple Milwaukee County Transit System bus stops and a 10-minute bike ride to downtown Milwaukee.
The Milwaukee County Housing Division and Center for Veterans Issues will refer individuals and families in need of affordable housing, manage on-site support services and help connect resident veterans to community-based services. This includes access to existing programs administered through the agencies and providing case management for health care, rehabilitation, job training, education and social services.
Arc-Int Architecture is the architect for SEVEN04 PLACE, and the general contractor is Catalyst Construction. The development, expected to open in early 2019, is designed to meet Wisconsin Green Built Home certification standards, including measures for high energy efficiency.
SEVEN04 PLACE will replace a vacant warehouse.