Senior Housing: Developer approaches Waukesha about downtown senior apartments

By Laurel Walker for the Journal Sentinel

Waukesha – An Oshkosh real estate development firm is looking to the city Plan Commission for support on its proposed 55-apartment senior housing project on Main St. in the heart of downtown.

Callan Schultz of Keystone Development said Tuesday that while the site is already zoned for apartments, he wants city support when he requests federal low income tax credits through the Wisconsin Housing and Economic Development Authority.

Without the tax credits, which are sold to raise equity financing, the project won’t be built, Schultz said. WHEDA’s application deadline is Feb. 4, with a decision expected by mid-April. In exchange for the credits, developers must set aside a share of the apartments with rent restrictions for tenants of lower income – 60% or less of the county median.

The Plan Commission, which must ultimately approve a site plan, has scheduled a discussion but no action on the project at its 6:30 p.m. meeting Wednesday at City Hall.

Keystone, which specializes in senior apartment projects in Wisconsin, is planning a four-story structure at 220 W. Main St., with retail space and parking on the first floor and one- or two-bedroom apartments on the second, third and fourth floors.

Riverview Commons, as it’s called, would be located on a currently vacant lot and adjoining parking lot where a one-time Walgreen’s drug store existed before it was demolished. It would abut existing apartments with ground-level retail space on the west and a Panos Fruit Market on the east. Avalon Square, a senior housing and assisted living complex, is directly across Main St. from the proposed project.

Schultz said the apartments would be targeted to renters 55 years or older, or “active seniors” who would provide a customer base for downtown Waukesha shops.

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