Oregon, Wis.-based Gorman & Company plans to build a 100-unit, upscale apartment building on a vacant site at the northeast corner of North 9th Street and West Juneau Avenue in the former Pabst brewery complex in downtown Milwaukee.
The four-story building will be called Frederick Lofts.
The redevelopment of the former Pabst brewery has progressed to the point that it can support an upscale apartment development, said Gorman & Company chief executive officer Gary Gorman.
“We believe that The Brewery project is reaching a critical mass when it becomes a desireable location,” he said.
Most of Gorman & Company’s apartment developments in Milwaukee have a large amount of affordable units for lower income residents. In many cases the company has to turn away potential tenants whose income is too high, Gorman said. Frederick Lofts will have Gorman & Company a product for those potential tenants, he said.
The building will have a mix of efficiency units, one-bedroom units and two bedroom units. Rents will be about $975-$990 for the efficiency units, about $1,250 for the one-bedroom units and about $1,750 for the two bedroom units, Gorman said. The size of the apartments will range from 520-square-foot efficiencies to 925-square-foot two-bedroom units, he said.
The project will cost about $20 million and will be financied through the U.S. Housing and Urban Development Department’s 221(d)4 program, Gorman said.
Construction is expected to begin in the spring of 2014 and could be complete in the spring of 2015, Gorman said.
The project will be reviewed by the City Plan Commission on Monday, Aug. 19.
