$54.6 Million Affordable Apartment Project Sparks Harbor District Transformation in Milwaukee with $2 Million City Funding Initiative-Check it out!

Affordable Housing Initiative in Milwaukee’s Harbor District

Innovative Financing Plan Propels Harbor District Transformation

According to the Milwaukee Journal Sentinel Milwaukee’s Harbor District is on the brink of a significant transformation with the proposal of a new affordable apartment development backed by a substantial $2 million city funding initiative. Spearheaded by Kenosha-based Bear Development LLC, the project aims to introduce a 140-unit apartment community alongside 3,700 square feet of street-level commercial space at 100 E. National Ave. This ambitious $54.6 million endeavor was made possible through the acquisition of federal affordable housing tax credits in 2023. These credits come with the condition that developers maintain at least 85% of the apartments at below-market rents for individuals earning within 80% of the local median income for the next three decades. This initiative underscores a commitment to addressing the pressing need for affordable housing options in Milwaukee’s evolving landscape.

In a bid to ensure the financial viability of the development a novel plan has been proposed involving the establishment of a tax incremental financing district at the construction site. This innovative approach aims to leverage property tax revenue generated by the apartment complex to cover $2.17 million of its costs. The proposal is scheduled for review by the city Redevelopment Authority board at its upcoming May 16 meeting with potential consideration from the Common Council thereafter. With construction slated to commence by August 31 and substantial completion expected by May 2026, this initiative represents a focused effort to tackle Milwaukee’s affordable housing challenges while simultaneously breathing new life into the Harbor District.

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$54.6 Million Affordable Apartment Project Sparks Harbor District Transformation in Milwaukee with $2 Million City Funding Initiative-Check it out!(PHOTO: Milwaukee Journal Sentinel)

Bear Development’s Comprehensive Urban Redevelopment Efforts

Bear Development’s dedication to revitalizing the Harbor District is further exemplified by its ongoing involvement in the Filer & Stowell Lofts project. With construction already underway this $197 million endeavor will result in 576 apartments spread across eight five-story buildings at 123 and 147 E. Becher St. Leveraging affordable housing tax credits and supported by city funds totaling $9.2 million over 17 years the project signifies a significant investment in enhancing housing accessibility and catalyzing urban redevelopment efforts. As Milwaukee continues to evolve initiatives like these highlight the collaborative endeavors between the public and private sectors to foster equitable growth and rejuvenation in the city’s burgeoning districts, ensuring a brighter future for residents and communities alike.

Moreover, the proposed affordable apartment project in Milwaukee’s Harbor District not only addresses the city’s need for affordable housing but also showcases innovative financing methods. The use of a tax incremental financing district at the construction site is key using property tax revenue from the development to cover a substantial part of its expenses. This approach ensures the project’s financial success and reflects a dedication to sustainable urban development. By utilizing public-private partnerships and inventive financing strategies Milwaukee is leading by example in tackling affordability issues inspiring other cities to follow suit and create more inclusive communities.

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