GREEN BAY – Two years and two locations later, a Madison-based developer, Lutheran Social Services, financiers and city officials celebrated the completion of the $15 million Bay City Lofts affordable housing development on the east side.
Gorman & Company on Tuesday held a ceremonial ribbon-cutting for the 48-unit apartment building that will set aside most of the units for families that earn significantly less than the median income. Several of the apartments have also been equipped with features specifically helpful for people with disabilities, too.
Bay City Lofts , 2510 University Ave., needed grants and tax incremental financing incentives from the city, housing tax credits from the state and key support from financing partners like Associated Bank to weather a development effort unlike any Ted Matkom, Wisconsin market president for Gorman & Company, said he had experienced before.
“This is the strangest journey I’ve ever taken,” Matkom told the small crowd gathered in the building’s community room. “But the mayor, staff and the City Council stayed with us and provided essential gap financing to get this done.”