Blue Ribbon Lofts to feature Gorman’s signature live/work housing
Milwaukee, June 10, 2008
Gorman & Company is proud to announce that it will develop the lead project at the former Pabst Brewery site, currently being redeveloped by local Milwaukee developer Joseph J. Zilber.
Construction on the Blue Ribbon Lofts Apartments kicked off at a ceremony at the site Monday, June 9. The $15.8 million development will be located in the former Keg House and will feature 95 live/work loft apartments designed to appeal to the city’s artists, entrepreneurs and other members of the creative class.
“The Blue Ribbon Lofts will allow residents to live and work downtown comfortably and affordably,” said Chris Laurent, Wisconsin Market President for Gorman & Company. “To be part of this project at the former Pabst Brewery site is to be part of the revitalization of this historic part of Milwaukee.”
Financing for the project combines the use of Federal Low Income Housing Tax Credits, Federal Rehabilitation Tax Credits and Wisconsin State Historic Credits, in addition to a $4.8 million investment by National City Community Development Corporation, a subsidiary of National City Bank, Milwaukee’s fifth largest bank.
“Investing in our community by helping redevelop neighborhoods and stimulating economic growth is one of National City’s most important roles,” said Beth R.Wnuk, president of National City – Wisconsin Banking. “We are proud to team with such visionary leaders as Joseph Zilber and Gary Gorman on National City’s first community development project in Milwaukee.”
The Wisconsin Housing and Economic Development Authority (WHEDA®) has also played a key role in financing the project. WHEDA has allocated $7.5 million in affordable housing tax credits, and put forth an additional $15 million in financing for the Blue Ribbon Lofts.
“This development is significant on a number of fronts, from working with emerging businesses, to supporting downtown housing and reviving a historical landmark to an environmentally-friendly design,” said WHEDA Executive Director Antonio Riley. “Gorman & Company must be 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.”
The mixed income apartments will be affordable to individuals and families making 50% or 60% of area median income. The building will feature such amenities as artists’ workspaces and galleries, business center and conference rooms, a theater/presentation space and a fitness center.
Gorman & Company, Inc., headquartered in Madison, Wisconsin, was created in 1985 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.