RACINE, WI – The joint venture development team of J. Jeffers & Company and Lutheran Social Services of Wisconsin and Upper Michigan long with the City of Racine and Wisconsin Housing and Economic Development Authority (WHEDA) today officially opened Gold Medal Lofts in Racine’s Uptown neighborhood. The $18M development for mixed-income renters renovated the historic Gold Medal Furniture manufacturing facility into fresh, urban design housing with stunning architectural features, modern amenities and community-building gathering spaces.
“This is a proud day for those of us involved in this stunning historic renovation and community-supported project for Racine,” said Joshua Jeffers, president & CEO of J. Jeffers & Co. “To take what was an underutilized, dilapidated structure and meticulously restore and repurpose it for high-quality housing deserves celebration. I thank all the partners who made it happen.”
WHEDA and U.S. Bank provided federal affordable housing tax credits and equity in support of the project. The city provided additional financial support to help make the project happen.
“New affordable, multi-family housing is needed for and deserved by the residents of Racine, and I could not be prouder for many of them to soon call this amazing development home,” said Racine Mayor Cory Mason.
The two 1894 buildings sit at Uptown’s southern edge, immediately north of the Southside Industrial Park. The 77-unit apartment complex features three studio units, 35 one-bedroom apartments, 16 two-bedroom units and 23 three-bedroom rentals. All units feature an industrial style with exposed brick and high ceilings. Rents range from $354 per month for studios up to $1,095 per month for three-bedroom units.
“Our mission is to support the creation of high-quality, affordable housing developments that will spur economic development, and this project is a homerun,” said Joaquín J. Altoro, WHEDA Chief Executive Officer.
In addition to the individual units, Gold Medal Lofts features a fenced-in playground for young children, a community room complete with a kitchen for gatherings, and open-air courtyards between buildings and among units.
“Access to safe, affordable housing is a basic human right that improves one’s quality of life and minimizes other inequalities that compound the effects of chronic health conditions, mental health illnesses, trauma and addiction, said Héctor Colón Lutheran Social Services president and CEO. “We are proud to be a critical partner in this project that helps address the housing crisis facing our nation by providing affordable living accommodations and facilitation of necessary supportive services to individuals and families in the Racine community.”
The Gold Medal Lofts opening was celebrated today with a small, socially distanced ribbon cutting involving Jeffers, Mayor Mason, Colon and Altoro and Ald. John Tate II, representing Racine’s 3rd District which is home to Gold Medal Lofts.
Renovation of the former Gold Medal Furniture building, which manufactured cots and chairs for the military, and produced director chairs for Hollywood, began in May 2019. The building is now open for occupancy with residents moving in this month. For more information on available apartments, please email GoldMedalLofts@accmanagementgroup.com or call (262) 822-9696.