Construction officially kicked off in May on the $18 million Gold Medal Lofts project in Racine. The project consists of the redevelopment of the historic Gold Medal Furniture building at 1701 Packard Ave. into a 77-unit apartment complex, 65 of which will be available at below market rents.
The redevelopment effort is being led by Milwaukee-based J. Jeffers & Co. and Lutheran Social Services of Wisconsin and Upper Michigan. The project is receiving $9.5 million in federal affordable housing tax credits from the Wisconsin Housing and Economic Development Authority.
Construction is expected to take about 12 months, and the developers anticipate tenants will begin moving in to the building shortly thereafter.
Developer: J. Jeffers & Co.
Size: 132,000 square feet
Cost: $18 million
