An affordable housing project in Milwaukee’s Walker’s Point neighborhood could receive a boost from the City of Milwaukee under a new plan working its way through city government.
Kenosha-based Bear Development is proposing a 140-unit affordable apartment building at the northeast corner of South 1st Street and East National Avenue that it’s seeking $2.17 million in tax incremental financing for.
The city’s Redevelopment Authority on Thursday approved the request for the $54.6 million development. Further city approval is still needed, though Bear Development said it could start construction on the project as early as August, according to city documents.
Last year, Bear Development was awarded $2.5 million in low income housing tax credits toward the project from the Wisconsin Housing and Economic Development Authority (WHEDA).
Plans for the property call for a five-story apartment building with around 3,000 square feet of commercial space on the ground floor. Around 800 square feet will be occupied by Harbor District Inc., an organization leading efforts to revitalize the neighborhood.
The apartments would be a mix of one- and two-bedroom units. Subsidized rents would range from $507 to $1,753 per month, with rates varying depending on whether the household makes 30%, 50% or 80% of the area’s median income.
The currently vacant project site is environmentally contaminated from prior uses, according to city documents. In 2019, an Ohio-based developer proposed 90 apartment units on the site, but those plans did not move forward.
Bear Development is also the firm developing the 576-unit affordable housing project currently under construction at 147 E. Becher St. in Bay View.
