RACINE — J. Jeffers & Co., the Milwaukee company that plans to create the Gold Medal Flats in Uptown area, also would like to do a 40-unit housing project in the former Horlick Malted Milk Co. complex.
Jeffers is scheduled to go before the Racine Loan Board of Review Thursday morning seeking a loan to help the developer build 40 units of multifamily housing on the former Horlick property, 2100 Northwestern Ave. That building, one of the largest in the Horlick complex, is the southernmost on the property and nearest Albert Street, the former Haban Manufacturing, which closed in 2000.
City Development Director Amy Connolly explained that this is an early indication of what Jeffers would like to build, but far from a sure thing yet. Jeffers will be applying for low-income housing tax credits from Wisconsin Housing and Economic Development Authority. They would be one part of the “layer cake” of financing needed to do the project.
WHEDA likes to see municipal participation in the project, and Jeffers has been recommended for a $250,000, 1 percent, 20-year loan from the city’s multifamily revolving loan fund.
In addition, Jeffers plans to use state and federal historic tax credits to raise additional financing and ensure the property is rehabilitated in a historically sensitive fashion.
The total estimated cost of the project was not available Wednesday and Joshua Jeffers, the company president, could not be reached for further information.
According to a staff description prepared for the Loan Board of Review, Jeffers hopes to create a combination of studio and one-, two- and three-bedroom apartments. Units will be mixed-income, a combination of market-rate and affordable units at the levels of 30, 50 and 60 percent of the community median income.
The site is currently zoned industrial, a designation that would require changing.
Jeffers is also working on an $18 million, 77-unit workforce housing complex in the Uptown area, the future Gold Medal Flats which will preserve and restore the two historic Gold Medal Camp Furniture Manufacturing Co. buildings at 1700 and 1701 Packard Ave. In August the city, Jeffers and WHEDA announced the project had WHEDA financing and was moving toward construction.
Construction is expected to start next March, and Jeffers expects to complete construction by the end of next year.