A groundbreaking ceremony will be held on Thursday to celebrate the start of construction of SEVEN04 Place, a 60-unit affordable-housing development at 704 W. National Ave. in Milwaukee’s Walker’s Point neighborhood.
[caption id="attachment_342465" align="alignright" width="411"]
Rendering of SEVEN04 Place.[/caption]
Developed by Almena-based Impact Seven and Milwaukee-based Rule Enterprises, the $12.2 million development will have a mixture of one-, two- and three-bedroom apartments, including 46 units of affordable housing for working families, and another 14 units dedicated to permanent supportive housing for military veterans and other adults who have struggled with housing.
The property was sold
to an affiliate of Impact Seven last year by the owners of El Rey.
Minnetonka, Minnesota-based health insurance firm UnitedHealthcare is the largest investor in the project. The firm is providing $6.3 million in equity through a Low-Income Housing Tax Credit (LIHTC) partnership with Cinnaire and Minnesota Equity Fund. UnitedHealthcare says it is making the investment as part of a company initiative to help people live healthier lives by connecting quality and affordable housing to better health.
The Wisconsin Housing and Economic Development Authority (WHEDA) allocated the tax credits and is also providing $3.2 million in loans and mortgage financing. The City of Milwaukee; the U.S. Department of Housing and Urban Development; IFF and the Federal Home Loan Bank of Chicago; Wisconsin Economic Development Corporation (WEDC); and NeighborWorks contributed $2.2 million in additional funding. Impact Seven and Rule Enterprises is providing $450,000 in deferred development fees.
Arc-Int Architecture is the architect for the project and the general contractor is Catalyst Construction.
The building is expected to open in early 2019.