Vintage Park East Warehouse Destined for M-F Makeover
Milwaukee’s Park East Corridor could soon welcome a new residential development within the walls of a vintage building. The Business Journal
reports that Wisconsin Redevelopment LLC and Impact Seven Inc. are planning to transform a 106-year-old warehouse into a 70-unit mix of affordable and market-rate apartments.
The residential units would range in size from 900 to 1,200 square feet and will be served by 70 parking spaces. The project team is currently determining specifics of the renovation, which will employ environmentally sustainable construction practices.
Todd Hutchison, project manager for Impact Seven, told the newspaper that financing would include state affordable housing tax credits, as well as federal historic restoration credits. The Milwaukee Planning Commission was scheduled to consider the proposal on Monday, Jan. 7.
Situated at the corner of North 4th Street and West McKinley Avenue, the four-story historic property is currently used by C. Coakley Relocation Systems and includes approximately 100,000 square feet of space.
In regional investment news, Meijer Inc. of Grand Rapids, Mich. has acquired two commercial properties in Wisconsin for a combined $35.85 million. According to the Business Journal, the company has paid $29 million for a distribution center in Pleasant Prairie and $6.85 million for 33 acres of undeveloped land in Grafton.
The 570,000-square-foot distribution center is located west of Highway 31, between Highway 50 and Highway 165. Meijer purchased the facility from Supervalu Inc. on Dec. 28 and plans a 254,000-square-foot expansion. Operations at the center are expected to begin by fall 2014.
In Grafton, the company intends to build a new store, which will be located on North Port Washington Road near Highway 60. That 191,350-square-foot facility is also scheduled to open in 2014.
Photo credits: www.destination360.comTags: affordable housing, Development, Green, leasing, Policy, property management, retail