Construction has begun on a long-planned affordable housing project on Milwaukee’s Near West Side. The approximately $18 million development, known as Cornerstone Village, is being led by Cardinal Capital Management Inc. The West Allis-based firm has begun construction on the project following a successful closing on financing earlier this month, according to a company spokesperson.
Construction has begun on a long-planned affordable housing project on Milwaukee's Near West Side.
The approximately $18 million development, known as Cornerstone Village, is being led by Cardinal Capital Management Inc. The West Allis-based firm has begun construction on the project following a successful closing on financing earlier this month, according to a company spokesperson.
The four-story, 71-unit building, with apartments for elderly people and people with disabilities is planned for 3200 W. Highland Blvd. It is replacing a former Aurora Family Services facility that's being razed.
Of the units, 65 are restricted to incomes between 30% and 60% of the area median income, including 18 units for formerly homeless seniors, and six unrestricted units.
Cornerstone Village was proposed in 2021 by Watertown-based Bethesda Lutheran Communities Inc., a nonprofit services provider for people with developmental disabilities. However, due to financing challenges, Bethesda dropped out of the project in 2022 after securing federal affordable housing tax credits.
Now, Cardinal Capital is teaming up with Trinity Housing Resources to complete the project, which should open in late 2025, the spokesperson said.
[caption id="attachment_603738" align="aligncenter" width="674"] Rendering from Quorum Architects[/caption]
