Vangard Group LLC will get $850,000 in tax credits to convert the Germania Building at 135 W. Wells St. in downtown MIlwuakee into 70 “affordable” apartments, Lt. Governor Rebecca Kleefish announced Monday.
The redevelopment project for the Germania Building, constructed in 1896 and currently used mostly for office space, is the Wisconsin Housing and Economic Development Authority 2014 High Impact Project Reserve awardee. The High Impact Project Reserve was created by WHEDA in order to fund a particularly impactful Low-Income Housing Tax Credit project in 2014. The Germania project was selected in a special round held later than the normal selection round of tax credits that was announced in April 2014. The HIPR concept is to award LIHTCs to a project that has strong economic development or redevelopment attributes, significant community impact, and/or features job creation/retention.
“This redevelopment is projected to create 73 construction and construction-related jobs,” Kleefisch said. “I’m excited to see this new investment continue making downtown Milwaukee into a bustling and beautiful destination for businesses, shoppers and residents.”
“Demand is far greater than the supply of this special round of tax credits,” said WHEDA Executive Director Wyman Winston. “Because the developments are required to meet the highest design and operating standards, WHEDA’s developer partners end up building or updating complexes that supply safe, quality housing.”