General Capital Group, city to break ground on senior development
For the City Times
STEVENS POINT – General Capital Group, a Fox Point, Wisconsin-based company, will break ground on Jan. 13, for new, five-story, 88-unit affordable senior housing development on the corner of Third Street and Water Street, in former Municipal Lot No.1.
General Capital Group was awarded $1.5 million in federal and state housing tax credits. These tax credits are awarded through an application process. To be eligible for the housing tax credits, General Capital must maintain the project for 30 years with a minimum percentage of rent-restricted units for income-qualified tenants.
Stevens Point Mayor Mike Wiza reiterated the city’s excitement for the project. “Housing is one of the most critical components to a thriving community, with this project, we continue to diversify our housing stock. Our seniors of all income levels will have a high-quality rental option close to downtown and with beautiful views of the Wisconsin River.”
The development will have many amenities, including 57 covered parking stalls, a commercial space, and rooftop patio.
“This 8.7 million dollar development, coupled with the Northside Yard Development, will inject new life into the area while removing a blighted and under-used parking lot. The City has identified this development as a key project for redevelopment and continued economic sustainability of our Historic Downtown. Additionally, it will set the stage for future development in the community,” stated Stevens Point Director of Community Development Ryan Kernosky.
The public is invited to celebrate the groundbreaking on Jan. 13, at 3 p.m., at the site. The program will include statements made by General Capital Group, city officials, and Portage County Business Council members.