Building Blocks: River Flats | The Daily Reporter – Milwaukee, Wisconsin

Milwaukee, Wisconsin 2021-09-15 13:19:24 –

(Rendered by the courtesy of The Commonwealth Companies)

address: 200 N. Jackson St., Janesville

size: 92 units, 5 stories

cost: $ 19.94 million (total development cost); $ 14.06 million (construction)

Breakthrough Date: March 2020 (one week before COVID shutdown)

Opening date: April 2021

Design and construction company: M + A Design and Commonwealth Construction Corp.

Project importance: River Flats is a 92-unit apartment complex in the heart of downtown Janesville.

This development will provide individuals and families with two- and three-bedroom apartments, below 80% of the median income for the region.

The project was the result of partnerships with the Wisconsin Housing Development Partnership, the National Equity Fund, the City of Janesville, and the Commonwealth Companies. The National Equity Fund has purchased state and federal tax credits that generate $ 9.9 million in shares. WHEDA, along with other WHEDA funds, offered short-term and long-term bonds for $ 12.7 million.

Other sources of funding included tax-raising loans from Janesville and funding from the Chicago Federal Mortgage Bank. River Flats is within walking distance of various retail stores, schools and medical centers, and one block from the Rock River and the Ice Age National Scenic Trail. Other facility features include underground heated car park, community room, exercise room, on-site leased office, in-unit washer and dryer, and energy-efficient appliances.

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