The Milwaukee School Board has granted a purchase option for the former Jackie Robinson Middle School, which Gorman & Co. plans to renovate into apartments.
Gorman would buy the school, 3245 N. 37th St.., for $600,000.
As I earlier reported, Gorman plans to build 64 apartments for seniors in the three-story building. Also, Gorman plans to build 14 single-family homes on the school property, which covers 4.6 acres. Those homes would be rented to families under a program that will allow them to eventually build up equity and buy the houses.
The firm hopes to begin construction by spring 2011. Gorman is seeking federal affordable housing tax credits to help finance the project. Those credits are given to development firms that agree to lease apartments, at below-market rents, to people earning no more than 60% of the area’s median income.
The board granted that option just days after the Oconomowoc School District accepted a $1 million offer from Gorman to purchase the former Oconomowoc Middle School building. The firm plans to convert that building into 61 apartments.