The owners of El Rey have sold its industrial buildings in Milwaukee’s Walker’s Point neighborhood to a Rice Lake developer who plans to redevelop the property into affordable housing.
[caption id="attachment_334314" align="alignright" width="364"] The warehouse will be replaced with affordable housing.[/caption]
El Rey Enterprises LLP sold the warehouse, located at 704-710 W. National Ave., to Seven04 Place LLC, which is registered to Impact Seven, for $730,800, according to state records.
Impact Seven is working on a project for the site that will include demolishing the existing buildings to construct a 60-unit housing development.
Nine of the units will be market-rate while the remaining 51 units will be affordable to families earning less than 80 percent of the area’s median income.
Historically the warehouses, which are expected to be demolished this year, have been used for a variety of industrial and manufacturing uses. Most recently, El Rey has used the space for storage.
On Oct. 30, the city’s Redevelopment Authority and Common Council approved $575,000 in city funds to help pay for the $12.6 million project. WHEDA, low income housing tax credits and grants will also pay for the project.
ImpactSeven is working with Milwaukee-based Rule Enterprises LLC, headed by Brandon Rule, an ACRE graduate, on the project.
ImpactSeven owns about 1,300 units of affordable housing and has developed several Milwaukee projects either on its own or by partnering with local non-profit organizations. Those projects include King Drive Commons IV, Mitchell Street Market Lofts and National Avenue Lofts.