Construction on the largest private affordable housing development in Wisconsin history could begin in 60 days.
Kenosha-based
Bear Development has plans for a $197 million redevelopment of the 10-acre former Filer & Stowell complex in Milwaukee's Bay View neighborhood. The development, called
Filer & Stowell Lofts, would bring 576 units in eight five-story buildings to the site at 123 and 147 E. Becher St.
The units would be reserved for households making between 40% and 80% of the regional median income, with most being set aside for those below the 60% threshold.
On Thursday, Milwaukee's Redevelopment Authority City approved $9.2 million in city funds through a tax incremental financing (TIF) district for the project. The financing will need to be approved by the Common Council.
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Map by Kahler Slater[/caption]
The apartments would be divided between 144 units for seniors and 432 units for families, Bear Development CEO
S.R. Mills said.
Those apartments would help fill a need for affordable housing as the Bay View neighborhood has seen a decrease in low-income residents, said Maria Prioletta with the Department of City Development.
Monthly rents would initially range from $644 to $1,671, depending on the number of people in each unit and their total household income. The development's income mix helps maintain the project's vitality, Mills said.
The plans call for one- and two-bedroom apartments in buildings that would include first-floor structured parking. Amenities include community rooms and fitness and recreation centers.
The site also provides outdoor space for residents and includes a public walking and biking path connecting Becher Street and Lincoln Avenue and extending the adjacent Kinnickinnick River Trail.
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The project was first proposed in 2020 and, since then, the project's price tag has doubled.
At that time, Bear was proposing to redevelop the existing buildings, some of which date back to 1890, into about 300 affordable housing units.
The decision to deconstruct the historic buildings on the site was made after more than a year of inspecting the buildings, which have most recently been used for boat storage.
“It took a long time to clean out those buildings and many of them were in really dilapidated shape that just wouldn’t allow us to proceed with the historic redevelopment,” Mills told BizTimes in June. “With that said, part of what we’re really focused on is ensuring that we repurpose many of the materials from demolition.”
In addition to the pending $9 million in TIF assistance, Bear received an $835,000 grant from the
Milwaukee Housing Trust Fund and $1.8 million from the
Federal Home Loan Bank of Chicago, among others, to fund the project.
“We are very thankful for the team effort here and thankful for the help,” Mills said at the Redevelopment Authority meeting. “Interest rates are tough. Construction costs have gone up.”
Bear is estimating that the first units would be delivered in June 2025 with the final buildings opening in October 2026.
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Rendering from Kahler Slater[/caption]
