Link: JS Online: DayWatch.
By Tom Daykin
A 22-unit apartment and retail development proposed for Milwaukee's Sherman Park neighborhood has received preliminary city zoning approval, with construction to begin in November, the developer said today.
The $4.5 million Boulevard Commons project is planned for the 4200 block of W. North Ave. by New Covenant Housing Corp., a non-profit developer. The project, which has received Plan Commission approval, should take about nine to 12 months to complete, said Executive Director Johnny Moutry Jr.
New Covenant received $350,020 in federal affordable-housing tax credits and will use those credits to generate equity financing for the project.
In return, all but two of the two- and three-bedroom apartments will rent at below-market rents, for about $650 to $750 a month, Moutry said. Those apartments are available only to people earning up to 60% of the area's median income - roughly $40,300 for a family of four.
The development also will have 6,000 square feet of street-level retail space.
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