Former Catholic school in St. Francis being converted to apartments
Work is to begin this fall on converting a former Catholic school in St. Francis into 68 apartments for seniors.
The former school of the Sacred Heart of Jesus Parish, 3635 S. Kinnickinnic Ave., will house 22 apartments, with another 46 units to be built within an addition that will extend into the parish parking lot, said Novi, Mich., developer Doug Stratton.
Stratton and his partners are buying just the former school portion of the building, with the parish retaining ownership of the church. The sale is to close by Sept. 30, and work will begin immediately after that occurs, he said.
The apartments are to be completed by late 2011.
The $10 million project is being partly financed with federal affordable housing tax credits. Developers that receive those credits sell them to raise equity financing.
In return, they agreed to lease apartments to renters making no more than 60% of their area's median income. In the Milwaukee area, that amounts to $34,140 for a two-person household.
The Sacred Heart project will have apartments with monthly rents ranging from $613 for a one-bedroom unit to $840 for a two-bedroom unit, said Michael Lerner, a consultant to the developers.
The developers, operating as Sacred Heart Partners LLC, also received a $1.75 million federal grant, awarded by the Wisconsin Housing and Economic Development Authority. Boston Capital bought the tax credits, and Citi Bank is providing the construction loan for the rest of the financing, Stratton said.
The project will put a portion of the Sacred Heart building on the property tax rolls, Mayor Al Richards said.
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The project, called Edison Place, would be developed on 2.25 acres overlooking the Milwaukee River, north of E. Knapp St.
Katie Falvey, Marcus Corp. vice president of real estate, declined to provide details about the plans, which could change.
Find property assessments for other communities throughout the state at AssessorData.org.
The Milwaukee Department of City Development website includes information on the city Plan Commission and Redevelopment Authority.
The Commercial Association of Realtors Wisconsin offers information on commercial realtors and real estate.
The Milwaukee chapter of the Institute of Real Estate Management serves the needs of real estate management professionals
The Wisconsin chapter of the NAIOP Commercial Real Estate Development Association aims to serve developers and owners of commercial real estate.
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