Plan would upgrade Meadowview units near business park
A developer plans to buy and renovate a Cudahy apartment complex, a $13.2 million project that would bring major improvements to an area near the city’s newest business park.
Madison-based Gorman & Co. has agreed to buy the 142-unit Meadowview Apartments, 2800 E. Edgerton Ave., said Tom Capp, executive vice president. Gorman hopes to begin work on the project by August, with completion by the summer of 2003.
Gorman plans to convert Meadowview’s 96 three-bedroom units into two-bedroom units, Capp said. That will allow for more open space within those apartments, he said.
All Meadowview units will get new decor, new kitchen appliances and other improvements, he said.
Also, Gorman will add a community center with an exercise facility, an outdoor swimming pool and a meeting room, and a business center with a copying machine, a fax machine and high-speed Internet access, Capp said.
Mayor Raymond Glowacki said the improvements are badly needed. He said Meadowview’s deteriorated condition was a concern for city officials, particularly given the development’s location just north of the new Mitchell International Business Park.
“I think this is going to be a wonderful shot in the arm to the west end of the city,” Glowacki said.
Cudahy will propose $1.5 million in tax incremental financing to help with the development, Glowacki said. That money will be repaid to the city through higher property tax revenue generated by the improvements.
Also, Gorman has received preliminary approval from the Wisconsin Housing and Economic Development Authority for $5.8 million in federal tax credits that are given to developers of affordable housing.
In return for the credits, which developers sell to raise equity financing, the apartments may be rented only to people whose household income doesn’t exceed 60% of Milwaukee County’s median income, adjusted for the size of their household.
Families renting the one-bedroom units may have maximum household incomes ranging from $22,000 to $30,480, depending on the household’s size, Capp said. Families renting the two-bedroom units may have maximum household incomes ranging from $25,200 to $38,100, he said.
Also, developers using such tax credits are required to keep their rents below market rate.
At Meadowview, the one-bedroom apartments will likely rent for $550 a month and the two-bedroom units for $630 to $650 a month, Capp said.
The tenants will likely include people who work at the business park, Capp said.
The Meadowview owners are Charles and Marilyn Perry, who last year sold the Golden Domes Apartments, 1630 S. 6th St., Milwaukee, to Gorman. The 97-unit Golden Domes is undergoing a major renovation similar to the one planned at Meadowview.
Gorman also recently began converting the eight-story former home of Kunzelmann-Esser Furniture Co., 710 W. Mitchell St., into 67 loft apartments/work studios for artists.