Last week Cinnaire joined Keystone Development LLC, Alliance Housing Development LLC, Milwaukee Mayor Tom Barrett, the Wisconsin Housing and Economic Development Authority (WHEDA) Executive Director Wyman Winston, Lieutenant Governor Rebecca Kleefisch, and other community members to celebrate the ribbon cutting ceremony for Mercantile Lofts.
Located in the Walkers Point neighborhood in Milwaukee, the brand new luxury and affordable loft apartments are part of the historic rehabilitation of the Espiranza Unida building. Originally constructed in 1901, the Espiranza Unida building recently underwent a $7.5 MM renovation, creating 36 luxury rental lofts on the upper three floors, including eight units for households at or below 80 percent of area median income. The first floor has been renovated to create eight commercial spaces. Cinnaire invested $1M in equity through federal historic tax credits; WHEDA provided construction and permanent financing. The building is best known and loved for the four story Mural of Peace on the backside of the building. Installed in 1994 by local artist Reynaldo Hernandez, the well known mural was preserved during the renovation of the building.
The luxury loft amenities include central air conditioning, stainless steel appliances, granite countertops, walk-in closets, security entrances, and polished concrete floors. Residents will also have use of a fitness center and business center.
“Cinnaire is excited to partner with Keystone Development and Alliance Housing Development to create these beautiful luxury lofts and to be a part of the revitalization happening in the vibrant Walkers Point neighborhood,” said Mark McDaniel, Cinnaire President & CEO. “The measures taken to preserve the iconic Mural of Peace are exceptional, and are greatly appreciated by residents of the neighborhood and city as a whole – we are thrilled to invest in this historic Milwaukee landmark.”
From Left to Right:
Milwaukee Mayor Tom Barrett, Wisconsin Lieutenant Governor Rebecca Kleefisch, Developer Cal Schultz, WHEDA Executive Director Wyman Winston, Developer Andy Dumke, Milwaukee 12th District Alderman Jose Perez