General Capital Group is planning to redevelop the Delavan’s Bergamot Brass Building into a mixed use development with 73 workforce housing units.
The project at 800 to 824 E. Wisconsin Ave., will include 52 two-bedroom units and 18 three-bedroom units at the 97,365-square-foot, two and three-story warehouse building. There will be carports added for parking.
The development also includes commercial space in the southwest corner of the building, although the square footage has not yet been determined, said Sig Strautmanis, of Fox Point-based General Capital Group.
“We think this area is under served for this kind of product,” Strautmanis said. “It’s always exciting to go into a new market for us, especially where there is demand. This beautiful building really sets up nicely for residential conversion.”
Strautmanis would not say how much the project would cost, but said it will be paid for with historic tax credits and General Capital will be asking for developer-funded financial assistance. The property is located in a TIF district.
The building was constructed in 1943 with a 1955 addition. It is on the National Historic Registry.
There is currently a tenant in the building that would be moved if the project moves forward, Strautmanis said.
The project will be marketed to entry level professionals and some family households. The workforce housing component will help address a shortage of apartments in Walworth County, according to documents submitted to the city.
The city will hold a special meeting tonight to consider a planned unit development for the site and a developer agreement.
In its documents to the city, General Capital compared the development to the Beerline B Apartments on Pleasant and Commerce streets near downtown Milwaukee, Hide House Lofts workforce housing development in Milwaukee’s Bay View neighborhood and Berkshire in West Allis.
Strautmanis is hoping to begin construction in fall. Madison-based Oakbrook Corp. will manage the property.
