WEDC investment to help fund development of a new 47-unit apartment building and standalone commercial space
MADISON, WI. AUGUST 12, 2020 – The Village of McFarland is receiving a $250,000 state grant to assist in the construction of a new three-story, 47-unit apartment complex with commercial frontage as well as a new standalone commercial building.
The Community Development Investment Grant from the Wisconsin Economic Development Corporation (WEDC) will support the two-phased project, which is expected to be completed by the end of 2022.
“WEDC is committed to supporting communities throughout the state as they invest in quality infrastructure and services to enhance their business districts,” said Missy Hughes, Secretary and CEO of WEDC, the state’s lead economic development organization. “This project is the latest example of positive and substantive local development happening in McFarland, and will serve as a foundation for future economic growth.”
“The village was particularly careful charting the course of development for this property,” said Village Administrator Matt Schuenke. “We wanted to be influential through its acquisition by the village, yet decisive through the RFP process by which the developer was selected. From there we stayed true to our commitment of wanting to add new residential space to the area as well as a significant influx of new commercial space through this project.”
The first phase of the project is a 47-unit apartment building with a mix of studio, one-bedroom and two-bedroom apartments, and 2,600 square feet of commercial space. A central outdoor gathering area that includes a pavilion, seating areas, grills and landscape planters will be available to residents. The second phase is a standalone commercial building proposed at approximately 12,000 square feet fronting Farwell Street.
The new buildings will all be on Farwell Street, with various pedestrian connection points from the sidewalk to promote walkability and accessibility to businesses. The proposed project is expected to add more than $5 million in value to the currently vacant property.
“For years and years, the village has been interested in development along Farwell Street. With this development, we are gaining housing, commercial space and potential places of employment,” said Village President Brad Czebotar. “As McFarland grows, it’s going to need more viable businesses making their way into the community that bring vibrancy to our local commercial areas. I think this development brings many benefits to our community, and it definitely paves the way for future development along Farwell Street.”
WEDC’s Community Development Investment Grant Program supports community development and redevelopment efforts, primarily in downtown areas. The matching grants are awarded based on the ability of applicants to demonstrate the economic impact of the proposed project, including public and private partnership development, financial need, and use of sustainable downtown development practices.
Since the program’s inception in 2013, WEDC has awarded more than $30 million in Community Development Investment Grants to over 100 communities for projects expected to generate more than $500 million in capital investments statewide.