Exchequer LLC will receive a $100,000 Blight Elimination and Brownfield Redevelopment (BEBR) grant from the Wisconsin Department of Commerce to help redevelop an unoccupied and underutilized property in the Village of Shorewood.
Exchequer, with the assistance of Wired Properties, plans to construct a 26-unit apartment building, located at 4514 N. Oakland Ave. at the site of a former Mobil gas station. The redevelopment also will include 11,000 square feet of first-floor retail space. Wired Properties will use the BEBR funds to address environmentally sensitive deconstruction of the building and soil contamination on the site. The total project cost is $7.5 million. Construction is expected to be completed by September 2010.
"Brownfield grants help renew damaged or vacant land and provide communities with opportunities for additional reinvestment," said Wisconsin Gov. Jim Doyle. "I'm pleased that we could help Exchequer LLC improve the local supply of rental units and retail space on the site of a former gas station."
"We are extremely pleased to receive this grant as it allows us to redevelop this property in a way that is both environmentally sound and consistent with our comprehensive plan," said Shorewood Village Manager Chris Swarta. "We are appreciative of the Department of Commerce's commitment to brownfield revitalization in awarding this grant."
The BEBR program provides grant funds to municipalities, local development corporations, and the private sector to support assessment, remediation and return of contaminated lands to productive use. Brownfields are abandoned, idle, or underused industrial or commercial properties where redevelopment is hindered by real or perceived contamination. For more information about the BEBR program, contact Al Rabin at (608) 267-8926.
Shorewood apartment project receives state brownfield grant
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