Two old properties could get fresh futures in Shorewood
CDA forwards business loan, riverfront apartments
Shorewood — The Community Development Authority has furthered two prospective redevelopments — one that would renovate on older commercial building and another that would create new senior housing within the village.
On Friday, the CDA approved, in concept, a village loan to renovate the former Catholic Family Life Insurance building on Capitol Drive and forwarded to the Plan Commission a 100-unit active senior apartment complex along the Milwaukee River.
For the last nine months Northwoods Software Development has rented the former Catholic Family Life building at Capitol Drive and Newhall Street. The $400,000 loan, half from the village and half from the Wisconsin Economic Development Corporation, would allow the company to purchase the building and complete necessary renovations, including heating, cooling, and boiler work.
According to the news release, Northwoods is a 32-person company and is expected to grow in the near future.
The CDA, Village Board and Wisconsin Economic Development Corporation still need to approve the renovation loan.
Meanwhile, the Plan Commission will need to approve plans and possible zoning changes for the senior apartment site, according to a village news release.
Minneapolis-based Sherman Associates is proposing the 100-unit senior apartment complex on a four-acre site south of a recently approved 90-unit assisted living facility and along the Milwaukee River. The site contains a former Milwaukee PC storefront, which would be razed as part of the project.
The luxury apartment project features stainless steel appliances, granite counter tops, private patios or balconies, as well as units with views of the river. A yoga studio, sauna, spa, indoor pool, library, theater, and business center are planned as well, according to the news release.
"We're pleased to support these types of business and residential developments which promise to add to the vitality and long-term growth of the village," Village Manager Chris Swartz said in the release.
In a separate phone interview, Swartz said the village is still working out details of potential tax-incremental-financing on the senior apartments as well as zoning.
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