Milwaukee’s fifth largest bank invests $4.8 million in 95 units of affordable and market rate housing for the initial project of the former Pabst Brewery site
MILWAUKEE, June 9 /PRNewswire-FirstCall/ — National City Bank announced today that the National City Community Development Corporation is investing $4.8 million in the Blue Ribbon Loft Apartments located on the former Pabst Brewery site presently being redeveloped by local Milwaukee developer Joseph J. Zilber. The $15.8 million Blue Ribbon Loft Apartments project combines the use of Federal Low Income Housing Tax Credits, Federal Rehabilitation Tax Credits, and Wisconsin State Historic Credits.
“This project, both historic and sustainable, represents the key to the rebirth of this neighborhood. The combination of Gorman & Company and National City Bank made it possible. I thank them for their efforts,” said Joseph J. Zilber, Milwaukee philanthropist and founder of Zilber Ltd.
Located at 901 West Winnebago Street, the 95-unit Blue Ribbon Loft Apartments will be redeveloped as a mixed income apartment building, affordable to families and individuals making 50% or 60% of area median income. Construction is expected to begin this summer.
“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 Blue Ribbon Loft Apartments will be unique in their style and will incorporate Gorman & Company’s signature live well/work well concept that caters to the “creative class,” encouraging resident entrepreneurship through numerous amenities including an education and business center, music and painting studios, metal/wood shop, gallery and networking space. Other Gorman developments include the Garton Toy Factory Lofts, Historic Fifth Ward Lofts, Majestic Loft Apartments and Old Moline High School Lofts, many of which demonstrate the commitment to Gorman’s vision of an affordable residential community where artists can live and work.
“With an established, rich history of community development, we are pleased that National City recognizes the affordable, unique housing opportunities in Milwaukee,” said Gary J. Gorman, principal of Gorman & Company. “National City’s investment demonstrates their commitment to the improvement of life in our city.”
For 25 years, National City has been making dreams come true and has built a legacy of community caring across the Midwest. Our mission is to promote the revitalization of low- and moderate-income neighborhoods throughout the local community by making loans and equity investments in residential and small business commercial real estate. Our equity investments give us a strong stake in the success of redevelopment, rehabilitation and renovation projects.
About National City
National City Corporation , headquartered in Cleveland, Ohio, is one of the nation’s largest financial holding companies. The company operates through an extensive banking network primarily in Ohio, Florida, Indiana, Illinois, Kentucky, Michigan, Missouri, Pennsylvania and Wisconsin and also serves customers in selected markets nationally. Its core businesses include commercial and retail banking, mortgage financing and servicing, consumer finance and asset management. For more information about National City, visit the company’s Web site at www.nationalcity.com.
About Gorman & Company
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