September 15, 2014
Gorman & Company, Inc. Gorman & Company, Inc. was founded in 1984 with a mission of creating high quality commercial/residential developments with the goal of revitalizing communities though the use of public/private partnerships. Gorman works side by side with civic leaders, urban planners, preservationists, and concerned neighborhood organizations to turn community liabilities into community assets. Completed over 70 projects including over 50 affordable developments in Wisconsin Completed 20 historic renovations to date.
Project Completion Gorman Style We financially model all of our own projects. We do our own design of every project. We do our own cost estimating and we are the general contractor for every project. We manage our own projects that we design and build. We make it a priority to maximize local contractor participation. Ted Matkom is the one sole source contact for any issue with the project as a whole. We have completed 20 historic projects which have turned historic buildings into housing using historic tax credits.
Sherman Park Senior Living Community
Sherman Park Senior Living Community
Sherman Park Senior Living Community
Sherman Park Senior Living Community Partnership with Sherman Park Neighborhood Association, Milwaukee Dept. of City Development, and Milwaukee Public Schools Renovation of former Jackie Robinson Middle School, built in 1926 68 Senior apartments Completed July 2012
Moline High School Lofts
Moline High School Lofts
Gund Brewery Loft Apartments
Grand River Station
Northside Low-Income Housing
La Crosse Section 42 Housing Gund Brewery Lofts - 2130 South Avenue Grand River Station – 315 3 rd Street South Geneva Terrace – 4329 Mormon Coulee Road Michael Heights – 420 5 th Avenue Wedgewood Commons – 1935 Miller Street Brookside Meadow – 4300 Fireclay Court
La Crosse 60% Income Levels $27,900 - $46,020 City of La Crosse Occupations Municipal Judge - $37,000 Property Appraiser - $42,000 Assessor Technician - $39,000 Accounting Technician - $31,000 Custodian - $24,000-$45,000 Maintenance Electriain - $12,000-$24,000 Executive Assistant - $27,000-$45,000 Bus Driver - $38,000 Meter Reader - $39,000 Computer Specialist - $24,000-$45,000 Court Clerk - $38,000 Teacher - $40,000
Gund/Grand River Occupations Artist - $37,000 Construction Worker - $29,000 Realtor - $23,000 Personal Banker - $39,000 College Assistant Basketball Coach - $19,000 Health Care Technician - $21,000 Bank Teller - $28,000 DNR Inspector - $32,000 Lawyer - $20,000 Chiropractor - $38,000
Roosevelt School Options Family/Workforce - 33 one-, two-, and three-bedroom apartments. Senior - 36 one- and two-bedroom apartments. Approximate Rents 1 BR - $650 2 BR - $775 3 BR - $825 Townhomes - ? Greenspace - ?
Roosevelt School Site Plan
Roosevelt School Unit Layout First Floor
Roosevelt School Unit Layout 2nd Floor
Roosevelt School – Sources & Uses Sources First Mortgage $ 628,000 LIHTC Equity $ 2,924,286 HTC Equity $ 1,000,893 State HTC $ 889,682 CDBG/HOME $ 500,000 Def. Dev. Fee $ 211,204 Total $ 6,154,065 Uses Acquisition $ 300,000 Hard Costs $ 4,334,971 Soft Costs/Reserves $ 1,519,094 Total $ 6,154,065
Roosevelt School Initial Proposal – Timeline October 1, 2014: Submit to City to commence zoning approval process February 2, 2015: Submit WHEDA LIHTC Application May 15, 2015: WHEDA Award Date November 1, 2015: Closing with lender and investor & Construction commencement October 31, 2016: Construction completion December 31, 2016: Lease-up completed.
ANY QUESTIONS? Ted Matkom Wisconsin Market President Gorman & Company, Inc. (414) 617-9997 tmatkom@GormanUSA.com
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