By H. Nelson Goodson
October 6, 2011
Milwaukee – On Thursday, the groundbreaking ceremony took place for construction of the Mitchell Street Market Lofts (MSML) at 1920 W. Mitchell Street. Impact Seven, Inc. announced the project will offer a rent to own program for two and three bedroom lofts, which would include 2 bath apartments, in-unit washer, dryer, dishwasher, stove, refrigerator and microwave. The 24-unit apartments building will include a community room, fitness room and accessible green roof, including an indoor year-round Farmer’s Market Place.
Wisconsin Redevelopment, LLC and Growing Power were able to provide a farmer’s market on the ground level of the MSML when it opens. Growing Power will manage the year-round farmer’s market at MSML.
The MSML will house 24-unit apartments in a four-story building. Each unit will have about 1,000 to 1,600 square feet of space and ground level commercial space, which includes a garage will have at least a total of 2,000 square feet, according to the Department of City Development.
The Milwaukee Redevelopment Authority sold the 24,500-square-foot lot at W. Mitchell St. and Muskego Ave. for $110,250 with condition that a farmer’s market will be housed in the MSML building.The total cost of the MSML project is between $5 to $6.1 million. Part of the MSML financing was provided through federal affordable housing tax credits program allocated by Wisconsin Housing and Economic Development Authority (WHEDA). J.P. Morgan Chase Bank financed a multi-million loan for the project.
Under the housing tax credits terms, MSML will have to rent to low income renters making no more than than 60 percent of the area income level. The average household maximum income level for two people can’t exceed $32,520, but income level adjustments will be provided as the household increases, according to WHEDA.
The primary developer is Mitchell Street Market Lofts, LLC and other developers include, Impact Seven, Inc., Wisconsin Redevelopment, LLC and AndersonWebb, LLC.
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