Milwaukee developer Lavelle Young has recruited new partner General Capital Group for a planned apartment and public library redevelopment on North Dr. Martin Luther King Drive.
General Capital Group, a much larger Fox Point firm that also has experience in affordable housing projects, will provide its expertise and other support to Young as he seeks to bring the project together next year. It is common for developers in the affordable housing market to partner with larger firms such as General Capital on their early ventures.
Young Development Group, established in 2016, plans to replace the King Drive library branch with a four-story building featuring a modern branch in its ground floor, and 44 apartments on its upper levels. The development would extend the entire length of the block, and includes plans for a five-story building at King Drive and Chambers Street with 46 more apartments. Young also intends to restore the theater building in the center of the block in a second phase of development.
Young and General Capital intend to compete for low income housing tax credits in December to finance the two apartment buildings. Developers around the state will compete for those credits. Awards will be announced in spring.
Young on Wednesday said Bader Philanthropies, which moved its headquarters to King Drive last year, is also among the organizations he’s collaborating with on the redevelopment.
“I’m excited for General Capital to join the development team and lend their expertise to the project,” Lavelle said. “We’re making great strides with the project’s funding model and the support around it.”
The King Drive project would be the first major ground-up development for Young’s firm. He is a graduate of the Associates in Commercial Real Estate, or ACRE, program and has prior experience as a loan underwriter for Legacy Redevelopment Corp. in Milwaukee.
The Milwaukee Public Library selected Young for the King Drive redevelopment in late 2016. In the interim, he also worked with Milwaukee developer HaywoodGroup on the King Drive proposal.
Young on Tuesday gained approval from the Milwaukee Public Library Board of Trustees to work with General Capital Group, Fox Point, as a co-developer. The library is supporting the developers’ application to the Wisconsin Housing and Economic Development Authority for affordable housing tax credits.