An Indianapolis-based developer is planning to build a new affordable apartment building on Dr. Martin Luther King Jr. Drive in Milwaukee’s Harambee neighborhood.
The Annex Group has proposed a four-story, 75-unit apartment building at 3030 N. King Drive near Rose Park.
Called Union at Rose Park, the development would replace a one-story commercial building currently owned by a River Hills-based investor, the Milwaukee County geographic information system shows.
To support the project, Annex Group is seeking about $900,000 in federal tax credits and about $676,000 in state tax credits, according to information released by the Wisconsin Housing and Economic Development Authority (WHEDA).
Developers receiving those credits must provide most of the apartments at below-market rents to people generally earning no more than 60% of the area median income. Union at Rose Park would make 70 of its 75 units available at below-market rents.
The firm applied to receive the state credits from WHEDA, which usually awards the credits in May.
The development and construction firm, which has offices in Denver and Chicago as well as Indianapolis, has done projects nationally, according to the company’s website. The firm does not list any Milwaukee-area projects on its website, but completed a 140-unit student housing project in Oshkosh in 2018.
Annex Group did not immediately respond to a request for comment on the project.
The project is one of many affordable housing projects in the development pipeline along the King Drive corridor.
The 67-unit Compass Lofts would be developed about a block north at 3116 N. Dr. MLK Drive by KG Development, Martin Luther King Economic Development Corp., and One 5 Olive. It would include a neighborhood grocery story in its first-floor commercial space.
Also, two other nearby affordable apartment developments have received tax credits and are under development: 93 units that are part of the new King Library, 2933 N. Dr. MLK Drive, and the 73-unit Five Points development at 3317 N. Dr. MLK Drive.
