An affordable housing project that would put the final piece of the
Freshwater Plaza development in Milwaukee’s Harbor District into place has received a $500,000 loan.
Rule Development is planning a six-story, 140-unit apartment building for a vacant two-acre site at 200 E. Greenfield Ave.
That new apartment building would be located just south of Freshwater Plaza’s Cermak Fresh Market. Freshwater Plaza also includes a Sherwin-Williams paint store on a commercial outlot, a mixed-use building with several retail tenants and 76 apartment units, and a Summit Credit Union branch that is currently under construction on a second commercial outlot.
Rule is planning for 113 of the units to be below market rate, with 70 units reserved for households making no more than 50% of the area median income.
Milwaukee non-profit LISC (Local Initiatives Support Corp.) recently announced that it is supporting the development with a $500,000 pre-development loan. Earlier this year, the project was also awarded low-income housing tax credits from the Wisconsin Housing and Economic Development Authority, state records show.
The building will be managed by Lutheran Social Services of Wisconsin & Upper Michigan, which will provide health and social services via community health workers, according to an announcement from LISC.
