Pabst Brewery Housing Development Kick-off Welcomes WHEDA and Local Leaders

Pabst Brewery Housing Development Kick-off Welcomes WHEDA® and Local Leaders

WHEDA, Mayor Barrett, and Joseph Zilber speak at Blue Ribbon Lofts ceremony hosted by Gorman & Company

Milwaukee – The Wisconsin Housing and Economic Development Authority (WHEDA®) and local leaders gathered this morning for the construction kick-off ceremony of Blue Ribbon Loft Apartments, site of the former Pabst Brewery keg house. WHEDA Executive Director Antonio Riley joined Mayor Tom Barrett, and Zilber Ltd. Founder and Chairman Joseph Zilber to speak at the event, which was hosted by Gorman & Company, Inc.

Blue Ribbon Lofts is the first residential development in the redevelopment project of the Pabst Brewery site. The 95-unit, affordable housing development will target low-to-moderate income tenants who make up 50 or 60 percent of area median income.

"This development is significant on a number of fronts, from working with emerging businesses, to supporting downtown housing and reviving a historical landmark to an environmentally-friendly design," said WHEDA Executive Director Antonio Riley. "Gorman & Company must be commended for the work they have done in bringing this project to fruition. WHEDA is proud to do our part to help finance this affordable housing project, which we believe will be a cornerstone development in the brewery’s renewal efforts."

The Gorman & Company building, located at 925-945 West Winnebago Street, was purchased from Zilber, who is redeveloping the 21-acre brewery complex into a mixed-use urban neighborhood. Blue Ribbon Lofts will include amenities such as a music studio, artists' workspaces and galleries, a business center, conference rooms, and a presentation space. The amenities were designed for its target tenant-base of local artists, entrepreneurs and other members of Milwaukee’s creative class.

WHEDA has allocated $7.5 million in affordable housing tax credits, and put forth an additional $15 million in financing for the Blue Ribbon Lofts. National City Community Development Corporation was also a key contributor towards the project, which began construction this past March and has a projected completion date of September 2009.

Gorman & Company’s plan to renovate the former keg house is just one of several announced plans for the Pabst Brewery site.

WHEDA is an independent state authority that works with lenders to provide low-cost financing for housing and small business development in Wisconsin. Since 2003, including this project, WHEDA has financed or allocated tax credits for 728 units of affordable housing in downtown Milwaukee, totaling more than $80 million. For more information on WHEDA's housing programs, call 1-800-334-6873 or browse this web site.