Riverwest apartments, food center look to spring construction start

The Riverwest Food Accelerator would use street-level commercial space within a four-story, 91-unit apartment building.

An affordable apartment development with a commercial-grade kitchen to help launch new food businesses is hoping for a spring construction start now that’s securing additional public funding.

The 2,500-square-foot Riverwest Food Accelerator would be developed on East North Avenue, just across North Commerce Street from University of Wisconsin-Milwaukee’s RiverView Residence Hall. It would be on the ground floor of a four-story, 91-unit affordable apartment building.

The accelerator will host food-oriented activities — recognizing the neighborhood’s need for access to healthy foods and food education.

Developers General Capital Group and KG Development Group LLC announced their plans two years ago, with the project later securing federal affordable housing tax credits.

Developers who receive tax credits must generally provide at least 85% of a building’s apartments at below-market rents to people earning no higher than 60% of the local median income. Those credits are sold to generate cash, with the developers securing commercial loans and other funds to complete their financing packages.