Plan to build apartments north of downtown expands
An apartment development planned for just north of downtown Milwaukee is being expanded.
Vangard Group LLC and Cardinal Capital Management Inc. want to build City Place on vacant lots between W. Vine, W. Walnut, N. 5th and N. 6th streets.
The development would feature three phases, totaling up to 90 apartments, according to preliminary plans filed with the Department of City Development. The units would range from one to three bedrooms.
The first phase, at W. Walnut and N. 5th streets, would have 51 apartments, with 43 units set aside for lower-income families. It would feature a four-story building, along with 12 townhouses facing N. 5th St.
Vangard in 2016 received federal tax credits to help finance that phase.
Developers sell the credits to raise equity cash to help finance apartment buildings. In turn, the developers provide apartments at below-market rents to people earning no more than 60% of the local median income.
City Place now has two additional proposed phases.
The second phase would be nine market-rate townhouses south of W. Vine St. and west of N. 5th St.
Finally, there would be 30 market-rate apartments in the third phase at W. Vine and N. 6th streets. It would feature a three-story building, along with four townhouses.
City Place would include enclosed garages and surface lots totaling up to 98 parking spaces.
The development would include a fitness center, clubhouse and other amenities for residents, according to the preliminary plans.
The 1.5-acre development site is owned by the city. An initial public hearing on the proposal is scheduled for the Redevelopment Authority board's May 18 meeting.
Executives at Vangard Group and Cardinal Capital Management couldn't be immediately reached Thursday for more information.