Convent project awarded $1.4 million
State and federal housing tax credits for renovation project
Governor Evers announced that “The Grove Apartments” in Stevens Point will be awarded over $1.4 million in state and federal housing tax credits to renovate and adapt the Sisters of St. Joseph of the Third Order of St. Francis convent on the city’s north side.
The convent will become 85 apartment-style units of affordable senior and family housing, while an additional 17 units of new townhomes will be constructed on the property. Additionally, a new city park will be dedicated to help preserve the stand of white pines on the property.
General Capital Group out of Fox Point will purchase the property from SSJ-TOSF and break ground in 2022.
“We wanted a partner who had vision in creating a multi-generational neighborhood on this beautiful property. General Capital Group aligned with our values as a congregation and had the same vision for the property, we couldn’t be more excited to see this project come to fruition” said Sister Michelle Wronkowski, SSJ-TOSF vice president.
Sig Straumanis, partner with General Capital Group echoed Sister Wronkowski’s statement, “the team of General Capital and Danna Capital collaborated with the sisters to ensure that their vision for the 120-year-old property was brought to life. We are just thrilled to be receiving these tax credits and city assistance and are eager to break ground in 2022.”
“General Capital Group and the city of Stevens Point entered into a development agreement to ensure success of the project, including $2.25 Million in tax increment financing to assist in site development and asbestos remediation,” a city release stated.
“We, along with the team of General Capital, Danna Capital and the Sisters of Saint Joseph have been working on this project for quite some time. We’re excited to see this project moving forward to help fill some of the needs in our community. Keeping most of the historic site was important to the Sisters and the City, and General Capital shares that commitment,” Mayor Mike Wiza stated.
Per the Wisconsin Housing and Economic Development Authority (WHEDA), a total of $7.1 million in state 4 percent housing tax credits will fund 16 projects with 1,334 low- and moderate-income housing units. The award of the state 4 percent credits triggers the availability of $13.3 million in federal 4 percent tax credits for these projects.
In all, the tax credits support development of a total of 2,343 units including the 2,200 low- to moderate- income units affordable for those earning at or below 60 percent of the area median income.
Communities with projects receiving awards include, but are not limited to: Eau Claire, Kaukauna, Kenosha, Madison, Manitowoc, McFarland, Middleton, Milwaukee, Stevens Point, Sun Prairie, and Wauwatosa.
“Developments that receive affordable housing tax credits go through a highly competitive application process administered by WHEDA. Tax credit developments must meet high design and operating standards. The scoring system for the awards is referred to as WHEDA’s Qualified Action Plan; it includes points for strong management, excellent development quality, demonstrated market need, provision of supportive services and amenities, proximity to economic opportunities and proper local zoning,” the release added.
General Capital Group is also the developer for the Berkshire Affordable Senior Housing project at 1433 Water Street.