Racine, Wis. Antonio Riley, executive director of Wisconsin Housing and Economic Development Authority (WHEDA), will join local leaders on Friday, August 24 at the grand opening of State & Main, a mixed-use development in Racine, Wis. The project includes 84 apartments reserved for mixed-income seniors.
In addition to the rental component, the community, developed by Madison, Wis.-based Gorman & Co., also includes 23 condos for residents of all ages as well as 16,500 square feet of retail space. Amenities include a community room, business center, movie theater, fitness center, underground parking facility and rooftop deck.
Tom Capp, COO of Gorman & Co., tells MHN that the complex, designed by Jim Klett of Eppstein Uhen Architects, broke ground in April 2006. It has been designed to contribute to the vibrancy of the downtown areas, reinforcing the idea that downtown Racine is an area where people of all ages and income levels can live.
In 2005, WHEDA provided $7.5 million in Low Income Housing Tax Credits (LIHTC) to Gorman & Co. for the rental portion of the development. It also received a TIF loan from the city of Racine. Construction and permanent financing for $4.4 million and $4.3 million was provided by M&I Bank.
“This is the type of project in which WHEDA loves to play a role,” Riley says. “It’s an innovative property in a neighborhood ready for a change and redevelopment. And most importantly, it provides quality, affordable housing with unique amenities for a growing senior population.”
State & Main is Gorman & Co.’s third development with WHEDA in Racine, preceded by the Mitchell Wagon Factory Loft Apartments and the Belle Harbor Apartments. WHEDA has provided tax credits or financing for several other affordable housing projects in the area over the past several years, including Lincoln Manor, Home Harbor and College Avenue Apartments.