Madison-based Gorman & Company, which has been active in affordable housing and urban renewal efforts statewide, has been named developer of the year by the Wisconsin Builder and The Daily Reporter.
The award was presented Wednesday night in Milwaukee.
The firm was selected for its neighborhood revitalization efforts plus its effective use of state funds through partnerships with public entities like the Wisconsin Housing and Economic Development Authority (WHEDA).
This summer, Gorman & Company unveiled its Avalon Madison Village apartments, a $14.7 million project on the site of the former SuperSaver grocery off Verona Road. That project was helped with $3.5 million in tax incremental financing from the city of Madison, $7.4 million in WHEDA tax credits and $68,000 from Madison Gas & Electric for energy efficiency.
That project is part of an effort by the city to help improve the Allied Drive neighborhood. Seventy percent of the 104 new apartments are priced for renters who make 60 percent of the county median income — about $43,920 for a family of four.
In addition to its work here, Gorman & Company has been active in the Milwaukee area. Earlier this year, the firm won the Business Journal Serving Greater Milwaukee’s Real Estate Awards for its Historic Lofts on Kilbourn project, an adaptive re-use of the former Sinai Hospital in Milwaukee’s Avenues West neighborhood.
“With the lofts on Kilbourn we focused on preserving the character and rich history of the building, and at the same time the project provides a unique and affordable housing option for a struggling neighborhood,” said Tom Capp, chief operating officer for Gorman & Company.
Gorman & Company was founded by Gary Gorman in 1985, specializing in using tax credits and other programs to develop housing for a variety of income levels. The company also has focused on the renovation of historic buildings and renaissance of traditional urban neighborhoods.
The firm now has 126 employees and manages more than 3,000 apartment units.