Madison-based Gorman & Company announced that the first new apartment residents will move into its Blue Ribbon Lofts, in the former Pabst brewery complex, on Friday, Jan. 30.
The first commercial office tenant, The Albion Group, in the complex moved into their new quarters in the former Boiler House building at 1243 N. 10th St, in the heart of the old Pabst Brewery, over the holidays. More than 25 employees occupy the first floor space, which was completed in late December.
The brewery complex is being redeveloped into a mixed use neighborhood called The Brewery by Zilber Ltd. founder Joseph Zilber, who is gutting and selling some of the buildings in the complex to other developers, including Gorman & Company
Blue Ribbon Lofts is a $16.2 million development located in the brewery’s former Keg House and has 95 live/work loft apartments.
“Blue Ribbon Lofts allow residents to live and work downtown comfortably and affordably,” said Gary Gorman, president for Gorman & Company. “New residents are excited to be part of the former Pabst Brewery site and the revitalization of this historic part of Milwaukee.”
The mixed income apartments are affordable to individuals and families making between 50 percent and 60 percent of area median income. The building features amenities such as artists’ workspaces and galleries, a music studio, business center and conference rooms, a theater/presentation space and a fitness center.
Financing for the project combines the use of federal low income housing tax credits issued by the Wisconsin Housing and Economic Development Authority (WHEDA), federal and state historic credits and special interest rate financing from WHEDA. WHEDA allocated $9.1 million in federal low income housing tax credits and provided an additional $15.7 million in financing. Equity financing was provided by Great Lakes Capital and City Real Estate Investors.
“This development is significant on a number of fronts, from working with emerging businesses, to supporting downtown housing for a range of incomes, to reviving a historical landmark to a captivating environmentally-friendly design,” said WHEDA executive director Antonio Riley. “Gorman & Company is commended for the work they have done in bringing this project to fruition. WHEDA is proud to do our part to help finance this affordable housing project, which we believe will be a cornerstone development in The Brewery’s renewal efforts.”
“We are delighted with the work Gorman & Company has done on this challenging building and look forward to continued work with this firm as a trusted partner,” said Zilber.
