Jeramey Jannene
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Halyard Park’s new City Place

New apartment building is the first in a three-phase project for site just north of Downtown.

By - Oct 19th, 2018 08:59 pm
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City Place I. Photo by Jeramey Jannene.

City Place I. Photo by Jeramey Jannene.

A new apartment building has quietly opened just north of downtown.

The building, City Place I, is the first in a three-phase development by the Haywood Group and Cardinal Capital Management at the northwest corner of N. 5th St. and W. Walnut St. The first phase, a four-story building with 51 units, had an estimated cost of $8.8 million according to city documents. Of the 51 units, 43 are will be set aside for residents making no more than 60 percent of the area’s median income. Twelve of the units are townhomes with private entrances.

The project is being designed by Korb + Associates Architects. Performance Contracting Inc. led the construction of the first phase.

The building’s website promotes the standard new apartment amenity list of a fitness center, indoor parking, in-unit washer and dryer and a community room. The units have a mix of two and three bedroom floor plans.

Cardinal Capital and Haywood recently collaborated on the development of the Germania Apartments at 135 W. Wells St. Korb previously worked with Haywood, then known as Vangard Group, on the Ingram Place Apartments and the conversion of the historic Germania Building from office space to apartments.

Because the developers are buying land from the city’s redevelopment authority they are required to meet the city’s Residents Preference Program requirement that 40 percent of total worker hours on the project be completed by unemployed or underemployed city residents. The developers also were required to hire city-certified Small Business Enterprises for 18 percent of the professional services costs and 25 percent of the construction and supply costs on the project.

In exchange for the local hiring, Vangard and Cardinal Capital will be able to acquire the site in phases for $50,000. The City Place I site includes nine lots, running from 1715 N. 5th St. to 1745 N. 5th St. and 504 W. Walnut St. to 508 W. Walnut St. The project’s website bills the final address as 506 W. Walnut St.

The affordable projects are financed with federal low-income housing tax credits from the Wisconsin Housing and Economic Development Authority.

According to city documents, the entire project is expected to be completed by April 30th, 2021.

Photos

City Place Renderings

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