Wisconsin

Gorman & Company Announces First Move-ins at Pabst Brewery Site

Blue Ribbon Lofts features Gorman’s signature live/work housing
Milwaukee, January 26, 2009

Gorman & Company announced today that the first new apartment residents will move into Blue Ribbon Lofts on January 30th. Blue Ribbon Lofts is one of the lead projects at the former Pabst Brewery site, currently being redeveloped by local Milwaukee developer Joseph J. Zilber.

The $16.2 million development is located in the former Keg House and features 95 live/work loft apartments designed to appeal to the city’s artists, entrepreneurs and other members of the creative class. The revitalization of this historic building created spacious and unique live/work lofts, some featuring roll-up doors allowing residents to “open shop” into large common spaces, exposed brick walls and grand windows.

“Blue Ribbon Lofts allow residents to live and work downtown comfortably and affordably,” said Gary Gorman, President for Gorman & Company. “New residents are excited to be part of the former Pabst Brewery site and the revitalization of this historic part of Milwaukee.”

The mixed income apartments are affordable to individuals and families making 50% and 60% of area median income. The building features amenities such as artists’ workspaces and galleries, a music studio, business center and conference rooms, a theater/presentation space and a fitness center.

Financing for the project combines the use of Federal Low Income Housing Tax Credits issued by the Wisconsin Housing and Economic Development Authority (WHEDA), Federal and State Historic Credits and special interest rate financing from WHEDA. WHEDA allocated $9.1 million in federal low income housing tax credits and provided an additional $15.7 million in financing. Equity financing was provided by Great Lakes Capital and City Real Estate Investors.

“This development is significant on a number of fronts, from working with emerging businesses, to supporting downtown housing for a range of incomes, to reviving a historical landmark to a captivating environmentally-friendly design,” said WHEDA Executive Director Antonio Riley. “Gorman & Company is commended for the work they have done in bringing this project to fruition. WHEDA is proud to do our part to help finance this affordable housing project, which we believe will be a cornerstone development in The Brewery’s renewal efforts.”

“We are delighted with the work Gorman & Company has done on this challenging building and look forward to continued work with this firm as a trusted partner,” said Joseph Zilber.

Gorman & Company, Inc., headquartered in Oregon, Wisconsin, was created in 1984 with a mission to create high-quality housing opportunities. Through its use of public and private partnerships, Gorman & Company specializes in the renovation of historic buildings and renaissance of traditional urban neighborhoods, and is renowned for its quality craftsmanship, dependability, and sensitivity to building communities. For more information or to view our portfolio, please visit www.GormanUSA.net

WHEDA is an independent state authority that works with lenders to provide low-cost financing for housing and small business development in Wisconsin. Since 2003, including this project, WHEDA has financed or allocated tax credits for 728 units of affordable housing in downtown Milwaukee, totaling more than $80 million. For more information on WHEDA’s housing programs, call (800) 334-6873 or visit WHEDA’s web site www.wheda.com.