In the News
ATLANTA–(BUSINESS WIRE)–Monarch Private Capital (MPC), a nationally recognized tax-advantaged investment firm that develops, finances, and manages a diversified portfolio of projects that generate federal and state tax credits, is pleased to announce the financial closing of low-income housing tax credit equity (LIHTC) for a 28 million-dollar mixed-use residential development called Badger State Lofts. MPC has partnered with Indiana-based KCG Companies to develop the project, which expects to be placed in service in the spring of 2020.
Badger State Lofts is the conversion of a historic tannery complex into a mixed-use and mixed-income residential community in downtown Sheboygan, Wisconsin. Once completed, the project will provide 149 apartment units, interior garage and surface parking, 9,000 square feet of commercial space and expansive community and amenity areas. The units will have a “loft” style aesthetic in an effort to maintain the historic feel of the building’s previous uses throughout its 130-year history.”
Developed by Indianapolis-based KCG Cos., the adaptive-reuse of the warehouse adds 147 mixed-income loft-style apartments, a restaurant, and interior parking to the growing neighborhood. KCG Cos. president R.J. Pasquesi says the area started to be redeveloped over a decade ago when some old warehouses were converted to commercial and office space. Close to downtown, the stadium area, and the waterfront, the neighborhood has seen an influx of jobs, restaurants, retail, and market-rate housing.
“AP Lofts at Larkinville is very much part of a larger vision for the entire neighborhood revitalization,” adds Stacy Kaplowitz, vice president of development at KCG Cos. “You can see how it’s all coming together and moving the neighborhood in a diverse, walkable, and accessible direction.”
AMSTERDAM — The $34 million Chalmers Mill Lofts apartment project passed another milestone, an indication developers say keeps the plan on schedule. KCG Development and DEW Ventures, of Saratoga Springs, submitted their application for federal tax credits and gap loan funding from the state Division of Housing and Community Renewal on Wednesday. The Chalmers project’s application details a 30-year payment-in-lieu-of-taxes agreement for the 120-unit apartment building, restaurant and banquet hall. The PILOT has now been approved by all three taxing jurisdictions affected by the project, located at a former knitting mill site
A $150,000 award secured by the Montgomery County Business Development Center will go toward an elevated boardwalk and community space that will be part of the $34 million Chalmers Mills project proposed by KCG Development to be built on the City of Amsterdam’s south side.
The boardwalk will connect to the Mohawk Valley Gateway Overlook pedestrian bridge and run west along the south bank of the Mohawk River. The developer envisions the space will be used to host culinary classes, arts displays, crafts and other community events. The project was previously awarded $1 million in funding last year.
The City of Amsterdam, NY has been announced as the Mohawk Valley region winner of the 2018 DRI and its $10 million prize, used to fund projects that will bring life back to the community. KCG Companies is proud to play a role in this accomplishment as our very own Chalmers Mill Lofts is the southern anchor of the city’s DRI plan.
KCG’s investment in the Amsterdam community will include a mixed-use housing development on 3.29-acres with a restaurant, banquet facility and public space along the riverfront. The city has made several attempts since 2008 to redevelop the former Chalmers Knitting Mills Site, a six-story abandoned building on Bridge Street adjacent to Amsterdam’s Mohawk Valley Gateway Overlook.
SHEBOYGAN – The Wisconsin Housing and Economic Development Authority (WHEDA) today announced the award of more than $1.5 million in State Housing Tax Credits to fund two multifamily developments in Sheboygan. The tax credits, which are distributed by WHEDA, will create 223 units of affordable rental housing.
WHEDA Executive Director Wyman Winston made the announcement at Badger State Lofts in Sheboygan, one of the state tax credit awardees. Badger State Lofts developer KCG Development, LLC received $994,403 in tax credits for the adaptive reuse of a former tannery into 118 units of affordable family housing and approximately 8,700 sq. ft. of commercial space.
SHEBOYGAN – The Wisconsin Housing and Economic Development Authority has awarded the City of Sheboygan more than $1.5 million in State Housing Tax Credits for two new housing projects.
The city will be acquiring and rehabilitating an old tannery on Maryland Avenue in downtown to be called the Badger State Lofts, in partnership with KCG Companies, and the Wasserman Apartments on North Water Street.
The projects will yield 118 1-4 bedroom units and 8,700 square feet of commercial space at the Badger State Lofts and 105 units at the Wasserman Apartments.
KCG’s Badger State Lofts in Sheboygan announced as one of nine affordable housing projects to receive $6.6 million in tax credits from the Wisconsin Housing and Economic Development Authority, creating 1,065 units of affordable rental housing in the state.
“More than a thousand families will now have the tremendous opportunity to live in affordable housing through the new state tax credit program,” said WHEDA executive director Wyman Winston. “Those families living in affordable as opposed to market rate units will literally save millions of dollars over the lifetime of the developments. Those are dollars that go right back into local economies because families can make independent saving or spending decisions thanks to those extra savings.”
WHEDA received 15 applications this year for state housing tax credits, representing $10.4 million in requests. With a total available pool of approximately $7 million, this demonstrates the continued need for affordable housing in Wisconsin, according to Winston.
State housing tax credits are awarded over a six-year period and this year’s allocation will generate approximately $40 million in credits over their lifespan. In exchange for receiving the state tax credits, developers agree to reserve a portion of their housing units for low- and moderate-income households for at least 30 years. Remaining units are rented at market rates to seniors and families without income limits.
Following up on a two part series, The Recorder takes a look at how KCG Development is engaging the local community for input on the proposed design and amenities for Chalmers Mill Lofts.
The city of Sheboygan is planning an initiative to redevelop 108 acres of land south of its downtown, including the former Pentair property and areas along the Sheboygan River, using $32 million in public financing. The creation of a new TIF district to fund the initiative could create 75 jobs and $64 million in new development and redevelopment, according to city documents.
Included is a 122-unit workforce housing apartment development at several former Coakley warehouse buildings. The 250,000-square-foot project is being developed by Carmel, Indiana-based KCG Development.
KCG Companies was recently awarded Jackson EMC’s Community Spotlight Right Choice Homebuilder Award, recognizing homes built with energy efficiency and comfort as top priorities.
The program grants best in class awards and several community spotlight awards, along with a builder of the year and leadership award in each of three categories based on the number of Right Choice homes completed in a given year. The community spotlight award is given to Right Choice builders dedicated to energy-efficient construction.
June 9, 2018
WKBW Buffalo – Larkinville seeing renaissance with reuse of old buildings. KCG Development progress on AP Lofts is covered by local newscast.
Pre-leasing has started for the Larkin District’s newest residential project. Indiana-based KCG Development is converting the former Atlantic & Pacific Tea Company warehouse at 545 Swan Street into 147 mixed-income apartments and commercial space. AP Lofts at Larkinville is a short stroll away from both Larkin Square and downtown and sits next to two other adaptive reuse projects: Seneca Street Lofts and Hydraulic Lofts. It will be the largest residential conversion project in the city in terms of number of units.
What once was known as the Chalmers Knitting Mill site will soon be known as “Chalmers Mill Lofts” — a $30 million project to include 130 apartments and 15,000 square feet of commercial restaurant and banquet facility space being operated by local restauranteur, the Lanzi Brothers. The former Chalmers Knitting Mill stopped operating in the 1950s and sub-let portions of the property to smaller companies in the 1970s. Between 2011 and 2012, New York state undertook leveling the facility and environmental remediation. Montgomery County Executive Matt Ossenfort said he believes the revitalization of the site will be a catalyst for others to follow. The site will give the community access to a restaurant, bar, banquet facility, farmers market and jobs all within a walking distance
AMSTERDAM — A $30 million plan to construct a 130-unit apartment building and banquet hall on Amsterdam’s South Side was announced Thursday. The project is dubbed the Chalmers Mill Lofts, and draws its name and some stylistic inspiration from the industrial complex that stood on the site for nearly a century.
Developers released draft architectural drawings and site plans today for a mixed residential and commercial development on the former Chalmers site on the City of Amsterdam’s south side. As part of the project, Luigi Lanzi, whose family owns and operates Lanzi’s on the Lake in Mayfield, NY and two other restaurants, announced his company’s plan to open up a 150-170 seat restaurant and 300 person capacity banquet hall on the site.
At a media briefing this morning, Lanzi, along with representatives of KCG Development, and their partner DEW Ventures, discussed plans for the site with Mayor Michael Villa, County Executive Matthew Ossenfort and MCBDC CEO Ken Rose.
KCG Development was recently named 24th among the nation’s Top 50 Affordable Housing Developers according to an annual ranking by Affordable Housing Finance! 2017 saw KCG close its first three deals as an organization – AP Lofts in Buffalo, NY; The Exchange in Winder, GA; and The Exchange @ 104 in Fond Du Lac, WI.
With construction on the above projects progressing well, KCG looks to build on its momentum from last year to further expand our impact on the communities we serve.
KCG Development, in partnership with DEW Ventures, will start construction early 2018 on Link@SoBro, a Saratoga Springs $30 million mixed-used complex of affordable housing, businesses and an incubator for budding entrepreneurs.
Construction Today, a publication focused on highlighting best practices and emerging leaders in the North American construction industry, published an article featuring KCG Development.
A “golden brick” ceremony was held Wednesday afternoon at the site of the former Great Atlantic and Pacific Tea Company warehouse in Buffalo’s Larkinville neighborhood. The building, built in 1910, is being converted into a mixed-income apartment complex.
What is being named the AP Lofts at Larkinville will feature 147 mixed-use units. The building will also include a professionally-managed leasing office, community room, business center, fitness center, outdoor patios, green spaces and climate-controlled indoor parking.
BUFFALO, NY — Buffalo’s Community Transformation Continues With The Development Of The AP Lofts At Larkinville.
Residents living near Swan Street, Jefferson Avenue and in the Larkinville District joined New York State Homes and Community Renewal, State and City of Buffalo leaders, including Mayor Byron W. Brown, KCG Development, and project partners to celebrate the construction of the AP Lofts. The 147-unit mixed use development is the adaptive re-use of the historic former Great Atlantic & Pacific Tea Company warehouse at 545 Swan Street that was built in 1910.
INDIANAPOLIS, IN — KCG Development, LLC recently created sister-company KCG Construction, LLC to provide general contracting services on its multifamily portfolio and has hired Russell Maynard to serve as President.
In his role, Russell will be responsible for managing, overseeing, and directing all of the construction activities for KCG Construction.
WINDER, GA — KCG Development in partnership with Gardner Capital closed on the financing for The Exchange, a 130 unit mixed-income apartment community located at 839 Exchange Circle in Winder, Georgia.
The Exchange will be The City of Winder’s newest apartment community and will consist of five three-story garden style buildings and two two-story townhomes of one, two and three-bedroom apartment homes.
BUFFALO, NY – On May 24th, KCG Development closed on the financing for the development of AP Lofts Apartments, a 147-unit mixed-use redevelopment of the former Atlantic and Pacific Tea Company warehouse located at 545 Swan Street, Buffalo, New York.
SARATOGA SPRINGS — The former Saratoga Diner on South Broadway could be demolished to make way for 110 units of workforce housing. “It’s prominent, and it will be a transformative catalyst,” said Bill Teator, a local project partner for KCG Development LLC, of Indianapolis.
FOND DU LAC, WI – On May 8th, KCG Development closed on the financing for Exchange @ 104, a 48-unit historic adaptive re-use project located at 104 S. Main Street, Fond du Lac, Wisconsin.
Originally constructed in 1923 by Commercial National Bank, the eight-story office building will be converted into apartment units for families and bring much needed housing options to downtown Fond du Lac.
The Amsterdam Common Council unanimously approved a resolution Tuesday authorizing the mayor to sign a Letter of Intent with KCG Development for a mixed-use project on a 3.31-acre property encompassing the former Chalmers site.
The agreement generally commits the city to deal exclusively with KCG Development for the purchase and sale of the property for an initial 18-month period with an option to renew the agreement in 12-month increments.
A collection of warehouses encompassing an entire city block near downtown Sheboygan are slated for redevelopment by KGC Development that could include housing, a marketplace and a brewery.
Old Textile Mill in Utica’s Brewry District to be Transformed Into Loft Apartments. KCG Development is currently in the process of purchasing the old mill, and expect to close on the sale by mid-April.
Indianapolis-based KCG Development is looking to transform the three-building complex at 811-827 Court St. into about 131 apartments. The company has the property under contract and hopes to close on a deal this fall, said Anthony Ceroy, vice president of development with the firm.
The 28 developments receiving LIHTC reservations include:
- Exchange @ 104 in Fond du Lac: KCG Development’s adaptive-reuse project will include 48 units for families
The Indianapolis-based development group that is planning a $39 million transformation of the century-old A&P Warehouse into the AP Lofts at Larkinville hope to begin work on the Buffalo project by mid-summer.
KCG Development LLC has all but cleared its final hurdle, having received a warm reception from the Buffalo Planning Board.
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