$21 Million Senior Complex Eyed For Layton Ave. Property

Greenfield WI

08 September, 2020

2:24 PM

Description

GREENFIELD, WI — A developer is targeting a property on W. Layton Ave. to make way for a $21.7 million apartment development that would be marketed toward senior citizens. Horizon Development Group presented plans to the Greenfield Plan Commission Tuesday night calling for a 100-unit housing development in two buildings. The project is targeted for a property where the River Falls Family Fun Center, 5401 W. Layton Ave., currently sits. The new project, called Parkwood Commons, would provide "affordable rents to a variety of households and income demographics," according to meeting documents. According to meeting documents, Horizon's goal would be to close and start construction by fall 2021 on a 14-unit town home building and begin construction on the 86-unit by spring 2022. The entire 100-unit project would be completed by spring 2023. The developer said the project would be funded through Federal Home Loan Bank funding, a permanent first mortgage, Milwaukee County HOME funds, affordable housing tax credit equity, an unspecified investment by the developer, and developer-funded tax increment financing. A public hearing on the project would begin as early as Nov. 17 and be the start of a 30-day public comment period, officials said. According to meeting documents, if Horizon is awarded a key tax credit application, they will bring final site, landscaping and architectural plans to the Plan Commission and Common Council for review and approval in 2021.