A long-planned conversion of a long-vacant school on Milwaukee's north side could get a boost from the city under two new proposals to help finance the project.
The former Carleton Elementary School, located at 4116 W. Silver Spring Drive, has been vacant since 2005 and, since 2019, a pair of local developers have been planning to convert the property into affordable housing units.
The existing school building, which was built in 1917, would be converted into 30 apartments, with 18 new townhouses built on the school's parking lot. The project is being proposed by AndersonWebb LLC and the Wisconsin Redevelopment LLC, both based in Milwaukee.
The project will include one, two- and three-bedroom apartment units "affordable across a range of incomes," the project proposal says.
To support the $21.1 million project, the City of Milwaukee is proposing the creation of a new tax incremental financing district, which would provide around $970,000 for the project, according to city documents.
The district would use property tax revenue generated by the project, which is to be called Historic Patterson Place. The revenue would provide annual payments to the development team. The payments would be made over 23 years, and would include interest costs of $1.1 million, according to a city report.
Under the terms of the TIF, the project must commence construction by Aug. 31 and be substantially completed by the end of 2026.
Additionally, the project could also receive a loan of $1.25 million from the Redevelopment Authority's EPA Brownfield Revolving Loan Fund.
Both proposals are set to be reviewed by the Redevelopment Authority on Thursday.
