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Building Blocks: River Flats

(Rendering courtesy of The Commonwealth Companies)

Address: 200 N. Jackson St., Janesville

Size: 92 units, five stories

Cost: $19.94 million (total development cost); $14.06 million (construction)

Groundbreaking date: March 2020 (one week before the COVID shutdown)

Opening date: April 2021

Design and construction company: M+A Design and Commonwealth Construction Corp.

Project significance: River Flats is a 92-unit multi-family apartment building in the heart of downtown Janesville.

The development offers two and three bedroom apartments to individuals and families making 80% or less of the area median income.

The project was the result of a partnership with The Wisconsin Partnership for Housing Development, National Equity Fund, the city of Janesville and The Commonwealth Companies. National Equity Fund purchased state and federal tax credits that generate $9.9 million in equity. WHEDA provided short- and long-term bonds for $12.7 million along with other WHEDA funds.

Other sources included tax-increment financing from Janesville and funds from the Federal Home Loan Bank of Chicago. River Flats is within walking distance of various retail shops, schools and medical centers and a block away from the Rock River and Ice Age National Scenic Trail. Other property features include heated underground parking, a community room, an exercise room, an onsite leasing office, in-unit washer and dryers and energy-efficient appliances.

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