WNC & Associates and KG Development Group have announced the acquisition and planned renovation of the historic Phoenix Residential site in Milwaukee’s Uptown neighborhood.
The four-story property opened in 1929 as the Milwaukee Jewish Home for the Aged. The property was renovated in 1949 and is listed on both the State and National Registers of Historic Places.
According to the companies, the renovation will create a 21-unit affordable multifamily housing community, complemented by a 20-bed rehabilitation facility. All residences will be income-restricted to households earning between 30% and 60% of the Area Median Income (AMI). Of these, eight units designated at the 30% AMI level will include project-based rental assistance (PBRA), allowing residents to pay rent based on 30% of their adjusted gross income.
“WNC is proud to partner with KG Development Group on the transformation of Phoenix Residential – a project that not only brings much-needed affordable housing to Milwaukee’s Uptown neighborhood, but also honors the historic legacy of this building,” said Anil Advani, executive vice president of originations and finance at WNC. “This development reflects our commitment to creating high-quality, supportive housing that meets the needs of today’s workforce and most vulnerable residents, while also preserving a piece of the community’s history.”
The financial aspects of the restoration were not disclosed, although the companies said the project is being supported by Historic Tax Credits, Low-Income Housing Tax Credits, bonds, ARPA funds, a tax levy, HOME funds, Housing Trust Funds, a cash flow loan, and Project-Based Vouchers. The renovations are expected to be completed in 2026.
