A long-awaited, $63 million low-income housing development from Milwaukee’s Mandel Group that would create almost 200 units in University Research Park is gaining traction, the Wisconsin State Journal reports. The project near Garner Park would be situated along a bus rapid transit corridor and close tobig employers like Exact Sciences, TruStage, and over 100 others.
A groundbreaking arrangement would permit Mandel to receive city tax incremental financing and other real estate funding, and in exchange, the city can purchase an option to acquire the property in 15 years.
The six-story project includes 197 units, with studios and one-, two-, and three-bedroom units. Levels of affordability would vary: 144 units will be reserved for tenants making 60% or less of the county median income; another 53 will be for those making 80% of it. There will be underground parking with 151 stalls.
The development is part of a larger, multiphase remake of Research Park’s northeastern corner, called “Element Collective,” that will create a concentration of housing and businesses with increased walkability.
