66°
Weather | Traffic

Today's Paper
Today's Paper, also known as the e-Edition, is an online replica of the printed newspaper. You can view today's paper or previous issues.

Neighboring apartment projects being built in Walker's Point

Zach Peterson (left) and Tim Navis, both of Northcentral Construction out of Fond du Lac, work on framing up a stairwell at what will be the Shoe Factory Lofts apartments in Walker’s Point.
Zach Peterson (left) and Tim Navis, both of Northcentral Construction out of Fond du Lac, work on framing up a stairwell at what will be the Shoe Factory Lofts apartments in Walker’s Point. Credit: Mike De Sisti
Feb. 10, 2016
SHARE

By Tom Daykin of the Journal Sentinel

Feb. 10, 2016 0

Two separate apartment developments, totaling 175 units, are to open this year next to each other in Walker's Point.

Shoe Factory Lofts, 224 W. Washington St., and Trio Mke, 1020 S. 2nd St., are part of the continuing growth of new housing and commercial projects in the neighborhood south of downtown Milwaukee.

Oshkosh-based Keystone Development LLC is creating Shoe Factory Lofts by converting two adjoined buildings, of four and five stories, at the northwest corner of S. 2nd and W. Washington streets into 55 two- and three-bedroom apartments.

The former shoe factory, built in 1909, was used for storage when a Keystone affiliate bought the property last year for $2 million.

It also housed Antiques on Second, 1039 S. 2nd St., a large antiques mall that moved to 1512 W. Pierce St. The store opened in November with a new name, Antiques on Pierce.

Shoe Factory Lofts was among 25 state developments that in 2015 received federal tax credits for affordable housing projects.

The tax credits, distributed by the Wisconsin Housing and Economic Development Authority through an annual competition, help finance apartments that are provided at below-market rents to people earning no higher than 60% of the local median income. Developers sell the credits to raise equity financing.

Shoe Factory Lofts is scheduled for a December opening, said Cal Schultz, who operates Keystone Development.

The 47 affordable units will have below-market rents ranging from $336 to $764, depending on the renter's level of income ranging from 30% to 60% of the median income, Schultz said. The eight market-rate units will have monthly rents of $1,650.

The 120-unit Trio Mke will be operated by New Land Enterprises. It is being developed by a group that includes Tim Gokhman, of New Land, and investors James Wiechmann and Michael Sanfelippo.

The $12.2 million project, featuring three five-story buildings, is north of W. Washington St., between S. 1st and S. 2nd streets. That site was previously a parking lot used by the nearby Joe Sanfelippo Cabs Inc., 646 S. 2nd St., and was sold last year to the developers for $1.4 million.

Construction started last year on the buildings, each with 40 units.

The first building is to be completed by April 15, Gokhman said. The second building is to be finished by the end of May, with the third building completed in July.

The buildings will provide a mix of studio, one-bedroom and two-bedroom units, with monthly rents ranging from $1,195 to $1,750. The development will include 1,200 square feet of commercial space.

Shoe Factory Lofts and Trio Mke are among several new apartment developments in Walker's Point.

They include two projects, Freshwater Plaza and Federal Commons, which are just a few blocks away.

Wangard Partners Inc. is building Freshwater Plaza east of S. 1st St. and north of E. Greenfield Ave. It will feature a four-story building with street-level retail space and 76 upper-level apartments, as well as a supermarket, two other smaller retail buildings and a possible office building.

Craft Development LLC is developing Federal Commons near the northeast corner of S. 2nd and W. Walker streets. Craft plans to develop a 40-unit apartment building and also is renovating two buildings into the new headquarters for Bray Associates Architects Inc. and a banquet venue.

Walker's Point is a convenient location for people who work downtown, Gokhman said. The large number of restaurants opening in the neighborhood is another attraction for residents, he said.

"This is what people coalesce around: food," Gokhman said.

Facebook: facebook.com/JSBusiness

Twitter: twitter.com/TomDaykin

Tom Daykin thumbnail
About Tom Daykin

Tom Daykin covers commercial real estate and development.

0 Share Tweet Print

BusinessWatch

Advertisement