A concept rendering of a proposed senior apartment building for downtown Twin Lakes with added commercial space on the ground floor developed last year.
A local developer is again going to try to receive tax credits to build a mixed use senior housing/commercial building in downtown Twin Lakes.
The effort by Bear Development received the blessing of the Twin Lakes Village Board Monday night.
The development is essentially the same concept as was presented earlier this year, when Bear Development first applied to receive the state tax credits, said S.R. Mills, Mills Development representative. Ultimately the project did not receive those credits
The building concept calls for 12 one-bedroom units and 12 two bedroom units with commercial space on the first floor. The all-masonry building will have underground parking for residents as well.
Key to the building being viable is the awarding of state senior housing credits, which if received could be sold to help finance the project. To earn the credits, which are granted in a competitive process, a certain number of the units must be rented to people over 55 and who make less than 60 percent of the median annual salary in Kenosha County.
Mills said the application is due in early February. While the concept of the project is essentially the same as last time, some changes have been made to make it more likely to win granting of the credits.
Last time, 13 projects applied for the credits, with four receiving them, Mills said.
The project received extensive discussion at the Plan Commission and Village Board levels last time, including an effort by one trustee to reconsider the board’s approval. That effort failed.
The board only approved the concept of the development Monday night. If it moves forward, it would still be subject to detailed approval by the village.
“If they receive the tax credits, all of those details will be worked out,” village President Howard Skinner said.
