Home Industries Real Estate Five Points affordable housing project first pitched in 2020 sets groundbreaking

Five Points affordable housing project first pitched in 2020 sets groundbreaking

Rendering from City of Milwaukee

Milwaukee-based KG Development is anticipating a December groundbreaking for an apartment building in Milwaukee’s Five Points neighborhood that it originally proposed in early 2020. The project, called Five Points Lofts, is proposed for a site at 3317-3349 N. Dr. Martin Luther King Jr. Drive, which is just north of W. Concordia Avenue and across the

Already a subscriber? Log in

To continue reading this article ...

Subscribe to BizTimes today and get immediate access to our Insider-only content and much more.

Learn More and Subscribe Now
Hunter covers commercial and residential real estate for BizTimes. He previously wrote for the Waukesha Freeman and Milwaukee Journal Sentinel. A graduate of UW-Milwaukee, with a degree in journalism and urban studies, he was news editor of the UWM Post. He has received awards from the Milwaukee Press Club and Wisconsin Newspaper Association. Hunter likes cooking, gardening and 2000s girly pop.
Milwaukee-based KG Development is anticipating a December groundbreaking for an apartment building in Milwaukee's Five Points neighborhood that it originally proposed in early 2020. The project, called Five Points Lofts, is proposed for a site at 3317-3349 N. Dr. Martin Luther King Jr. Drive, which is just north of W. Concordia Avenue and across the street nonprofit group Bader Philanthropies' headquarters. The five-story building would include 55 apartment units, 46 of which would be rented at below-market rates, with rents ranging from $469 to $1,345 per month. The first floor will have about 7,500 square feet of commercial space. KG Development's Anthony Kazee, who is partnering on the project with the Martin Luther King Economic Development Corporation, said development costs increased from $13 million to $19 million, which postponed the project's construction start. The partners have since reduced the cost of the project to about $16.4 million through value engineering and reduced development fees, Kazee said at a meeting of Milwaukee's Redevelopment Authority last week. The developers are expecting to close on their financing package Dec. 1, followed by a December construction start, Kazee said. That financing package includes tax incremental financing, low income tax credits, Wisconsin Housing and Economic Development Authority mortgage financing, ARPA funds, and other grants, according to city of Milwaukee documents. The Redevelopment Authority approved a $700,000 brownfield cleanup loan for the project. A paint store, with a known spill, and a repair shop for pianos and refrigerators once occupied the site.

Stay up-to-date with our free email newsletter

Keep up with the issues, companies and people that matter most to business in the Milwaukee metro area.

By subscribing you agree to our privacy policy.

No, thank you.
Exit mobile version