60 Unit Affordable Housing Development
This project is a Joint Venture between Rule Enterprises, LLC and Impact Seven, Inc.
Seven04 Place Apartments is a 60-unit affordable development located in the Walker’s Point neighborhood of Milwaukee, Wisconsin.
The Development site is approximately 75,000 square feet of land (1.75 acres) at the intersection of S. 7th Street and W. National Avenue. The Development will encompass approximately 63,000 square feet of residential space yielding 60 one-, two- and three-bedroom apartments. Eighty-five percent of the units will be affordable: 14 units at or below 30% of the Area Median Income (AMI), 22 units at or below 50% AMI, 13 units at or below 60% AMI, 2 units at 80% AMI and 9 market rate units.
This $13.5 Million development will be financed with a combination of 9% Low Income Housing Tax Credit equity, Federal Home Loan Bank – Affordable Housing Program (AHP) funds, City of Milwaukee Tax Incremental Financing (TIF),HOME Funding, WEDC Brownfield Grant, NeighborWorks Grant, and additional Loans from Wisconsin Housing Economic Development Authority (WHEDA). This development will contribute to the revitalization of the Walkers Point neighborhood while creating affordable apartments in a neighborhood starting to experience gentrification.
The development site is located at the intersection of the Walkers Point and Walkers Square neighborhoods. The site is highly accessible to public transportation as it is within blocks of multiple Milwaukee County Transit System bus stops and a 10-minute bike ride to downtown Milwaukee. The subject site is conveniently located near several pedestrian and vehicular linkages, with easy access to Interstate-94 approximately 0.1 miles to the west and south.ing nature became very relevant for the project development. A concrete wall meanders the land to Southeast creating the limit that the house and garden will occupy. To Northeast a second concrete wall, this one very straight and sharp, protects the house and the garden from the north wind and provides privacy. On top of these walls comes, also in raw concrete, a slab on the continuity of the existing slope that, covered with native species of fauna, leverage the relationship between the house and the existing land.