Edgerton apartment project receives WEDC grant
The Wisconsin Economic Development Corp. has awarded a $489,000 grant to the City of Edgerton to help fill the remaining funding gap on the transformation of a century-old tobacco warehouse into loft apartments. The WEDC received 32 Community Development Investment Grant applications from across the state, and Edgerton was one of seven communities to receive a grant. The city also earmarked $275,000 in TIF funds for the project.
The money will help transform Warehouse 55 into the Legacy Lofts, a $2.1 million project featuring 28 apartments ranging from studios to three-bedroom units. Rinehart Properties will handle the renovations. Construction should begin this fall, with a completion date of May 2016.
“This project will pay dividends that extend beyond Edgerton’s business district, including adding nearly $2 million to the city’s tax base,” WEDC Secretary and CEO Reed Hall said in a release.