Sheboygan Council Approves Development Agreement For $27 Million Senior Housing Project
SHEBOYGAN – The Sheboygan Common Council approved a development agreement between the city and GenCap Emem Sheboygan 101, LLC to construct a $27 million senior affordable housing complex at the former Koepsell property on Sheboygan’s riverfront.
The approval, which came at the Council’s bi-weekly meeting at City Hall Monday night, comes one week after the city’s Finance and Personnel Committee recommended the long-awaited project, which fills a need for both affordable and senior housing in Sheboygan.
The development, which will be located on multiple parcels of land on Indiana Avenue between South 9th and South 10th Streets, will include 83 units of senior housing and 18 live-work three-bedroom units. There will also be underground and at-grade parking, along with related improvements to the site.
As part of the agreement, the developer will also sell a portion of the property back to the city for $1 to develop a pocket park/entertainment venue adjacent to the complex. The park will be operated and maintained by the city.
The project will also be getting a boost in the form of a $2 million upfront grant, which will be paid for by American Rescue Plan Act dollars the city received from the federal government. The city will provide additional development incentives throughout the course of the project.
Per the agreement, construction of the complex will begin on or before Dec. 31, 2023. Substantial completion of the project is expected to be completed within 18 months.
