VeriGreen Development and Legacy Midwest Corp. Secure Federal Tax Credits For Redevelopment of Former Blommer Ice Cream Factory in MilwaukeeMay 13, 2016
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., today 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 Monday, 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.”
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.
About VeriGreen Development and Evergreen Real Estate Group:
Founded in 1999, Chicago-based Evergreen Real Estate Group is a fully integrated multifamily company that develops, acquires and manages affordable and market-rate multifamily apartments for both seniors and families across eight states. Evergreen specializes in thoughtful, creative residential development solutions in communities around the Midwest. From adaptive reuse of historic buildings to new development in cities and towns facing a shortage of affordable housing, Evergreen and its VeriGreen Development subsidiary offer an experienced team of attorneys, architects, and developers to municipalities seeking to create high-quality apartment communities. Evergreen currently owns and manages 6,500 units of multifamily housing. For more information on the company, visit www.evergreenres.com.
About Legacy Midwest Renewal Corporation:
Legacy Midwest Renewal Corporation (LMRC) is the real estate subsidiary of Legacy Redevelopment Corporation. Legacy Midwest Renewal Corporation was formed to combat community deterioration and redevelop blighted areas, and focuses specifically on construction, ownership and operation of real estate in Legacy Redevelopment Corporation’s target markets, primarily Milwaukee’s north side.
About Legacy Redevelopment Corporation:
In 2000, founder Sally Peltz, a major investor in Legacy Bancorp, incorporated LRC as a nonprofit organization. LRC has developed unique loan products for Milwaukee’s small business and nonprofit communities. In 2003 the U.S. Treasury Department of Community Development Financial Institutions (CDFI) certified LRC as a loan fund that serves both for-and not-for-profit entities in the City of Milwaukee. LRC is also certified as a Community Housing Development Organization (CHDO) in the City of Milwaukee. For more information on the company, visit www.lrcmke.com.