New York-based Whitestone Realty Capital LLC plans to create a 124-unit senior apartment complex at the former Malt House and Malt Elevator buildings southwest of Juneau Avenue and 10th Street.
The facility, to be called Towne Club at The Brewery, will have 31 units for independent seniors, 66 assisted living units and 27 memory care units for residents with Alzheimer's disease (or equivalent).
The facility will also have 74 full time equivalent employees, said Michael Zukerman, CEO and founder of Whitestone Realty Capital LLC.
Whitestone plans to close on the building and begin construction for the $44 million project in late October or November. The project will be financed with $29.8 million in tax exempt bonds, plus equity and historic preservation tax credits, Zukerman said.
The project will be complete in early 2015, he said.
The independent senior and assisted living senior residents will be able to take advantage of downtown amenities such as restaurants, sporting events and live shows, Zukerman said.
"These people want to be close to the action," he said. "We are doing a bunch of these in urban environments. We like downtown. We like historic. This was the closest to downtown that was available at the time in a historic building that could work for senior housing."
Another new development at the former Pabst brewery complex began construction recently. Blue Ribbon Management is building a five-story, 73,100-square-foot building, with 42,000 square feet of office space and two floors of interior parking, that will be built just west of the Brewhouse Inn & Suites hotel.