A $25 million mixed-use Bronzeville development featuring production space for filmmakers, musicians and other creatives, along with apartments, is to begin construction next year as it continues to assemble financing.
The Bronzeville Creative Arts and Technology Hub is planned for 1.1 acres north of West North Avenue between North Sixth and North Seventh streets.
The Milwaukee Redevelopment Authority board on Thursday approved a $700,000 environmental cleanup loan to the developer, an affiliate of Fit Investment Group LLC.
Fit Investment owner Michael Adetoro said construction is to begin after an April closing of the development’s financing. The creative hub and 60 apartments are to open in September 2025.
That financing includes federal affordable housing tax credits that were awarded in May.
Developers that receive tax credits must generally provide at least 85% of a building’s apartments at below-market rents to people earning no higher than 60% of the local median income for 30 years. The tax credits are sold to raise cash, with the developers then obtaining bank loans and other cash sources to complete their financing packages.
Of the 60 apartments, including three live-work units along North Avenue, 48 will be set aside at below-market rents, Adetoro told board members.
Adetoro plans to use federal New Markets Tax Credits to help finance the development’s second phase, a three-story, 22,000-square-foot building to house musicians, artists, graphic designers and other creatives, including start-up businesses.
It also would have a street-level cafe and space for Beyond STEM, a group that provides education services for young people, and a branch operation of Wisconsin Conservatory of Music.
Both phases combine to create a development where creatives can live, work and play.
The site cleanup loan, which has a 3.5% interest rate, is a big financing help, Adetoro said.
“These projects are extremely challenging,” he said.
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