Germania: 2017 Downtown Achievement Award Winner

Left to Right: Chris Geiger, Cardinal Capital Management; Kalan Haywood, Haywood Group; Erich Schwenker, Cardinal Capital Management

Left to Right: Chris Geiger, Cardinal Capital Management; Kalan Haywood, Haywood Group; Erich Schwenker, Cardinal Capital Management

On Thurs., September, 28, 2017, Milwaukee Downtown, BID #21 awarded Cardinal Capital and Haywood Group (formerly known as Vangard Group, LLC) the CPR Award, for the resuscitation of the Germania Building, a turn-of-the-century building, and redeveloping its Class C office space into a multi-modal family building for mixed incomes.

The prestigious award was presented at the Milwaukee Downtown, BID #21 annual meeting which also celebrated Milwaukee Downtown’s 20 years of accomplishments and acknowledged other Downtown Achievement Awards recipients. You can read more read more about the award event in the Urban Milwaukee article: Milwaukee Downtown names its 2017 Downtown Achievement Award winners

Historic Germania Building Celebrates its Rich Past and Bright Future with Grand Opening

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Left to Right: Kalan Haywood, Haywood Group; Rocky Marcoux, City of Milwaukee-Dept. of City Development; Erich Schwenker, Cardinal Capital Management Photo Credit: Pat A. Robinson

Left to Right: Kalan Haywood, Haywood Group; Rocky Marcoux, City of Milwaukee-Dept. of City Development; Erich Schwenker, Cardinal Capital Management

Photo Credit: Pat A. Robinson

On Thurs., September, 28, 2017, Cardinal Capital in partnership with Haywood Group (formerly known as Vangard Group, LLC) joined local and state officials, investors, and residents to celebrate the grand opening of the historic Germania, a 90-unit, mixed-income housing project located in downtown Milwaukee.

Built in 1896, the eight-story, 110,000 sf steel frame building was Milwaukee's first skyscraper. It was the world's largest German newspaper building, at a time when Milwaukee had more local newspapers in German than in English. It fell on hard times in recent decades, twice passing through foreclosure. No longer functional as an office building, Cardinal Capital and Haywood Group partnered to redevelop Germania as an engaging collection of 90 one and two bedroom apartments.

There are 14 distinct floor plans at Germania. Apartment sizes range from 462 to 1,207 sf. Each floor is configured somewhat differently, so no one unit is the same as any other. But all apartments have the same amenities, including full size washer and dryers, stainless steel appliances and quality finishes. All utilities, except unit electricity, are included. Building amenities include Club Room, Pet Spa, and Fitness Center. All significant Historic features have been retained, including walk-in safes on each floor, marble foyers and stairways, and Germania's signature windows. There is over 8,000 sf commercial space on the 1st floor.

The $21.7 million rehab cost was financed through Historic Tax Credits, Low Income Tax Credits, WHEDA loans, Tax Incremental Financing from City of Milwaukee and Equity through Boston Capital and Associated Bank. The architects were Korb + Associates Architects. Cardinal Capital was General Contractor. Unemployed and underemployed Milwaukee residents identified through the City of Milwaukee Residents Preference Program completed 40% of the work.

Whole Health Clinical Group's Grand Opening Celebration

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On Wednesday, September 13, 2017, Cardinal Capital joined Milwaukee Center for Independence's (MCFI) Whole Health Clinical Group as they celebrated the grand opening of their state-of-the-art facility at 932 South 60th Street in West Allis, Wisconsin. Cardinal Capital developed the two-story, 25,000 square foot building on the 3.2 acre site and is leasing it to MCFI.

The new building includes expanded space for Whole Health Primary Care Clinic and helps Whole Health Clinical Group provide coordinated and integrated services in a community based behavioral health setting. Whole Health Clinical Group's goal is to improve the physical health status of adults with mental illness and those with co-occurring disorders. Currently, Whole Health Clinical Group provides recovery-oriented services and advocacy for more than 6,000 clients annually.

Journey Home Breaks Ground in Cañon City, Colorado

On Thursday, July 20th, 2017, Cardinal Capital joined local, state, federal officials, investment and development partners to celebrate the groundbreaking of Journey Home, a 30-unit permanent supportive housing project in Cañon City, Colorado.

Combining housing with access to support services, the 3-story structure under construction at 250 Justice Center Road will connect formerly homeless adults and families with case management, mental health treatment and vocational training.

Journey Home is the result of a unique partnership between Loaves & Fishes Ministries of Fremont County and Cardinal Capital. Part of a statewide effort to strengthen the continuum of services available to Colorado's vulnerable homeless population, Journey Home's housing-first approach helps those in crisis address employment, health concerns, substance use, and other issues that may have been neglected in the day-to-day struggle to survive on the streets.

Financed with equity raised from Federal Low Income Housing Tax Credits awarded by Colorado Housing and Finance Authority, and 30 Project-based Housing Choice Vouchers provided by Colorado Department of Local Affairs' Division of Housing and administered by the Upper Arkansas Area Council of Governments, occupancy of all 30 units will be restricted to households with annual incomes of less than 50% of area median income. However, the income of the typical resident will be below the poverty line.

The development and construction of Journey Home is lead by Cardinal Capital and the project is expected to be complete in June 2018.

Read more about this project in the Canon City Daily Record

Milwaukee Journal Sentinel features The Germania Building's Redevelopment

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Construction has been underway in the historic Germania Building since last summer. Cardinal Capital, Vangard Group, LLC and Endeavor Corp. partnered to redevelop this historic downtown building. Germania has been a Milwaukee landmark since it opened in 1896. It has been on the Historic Preservation list since 1983. Its renovation has brought this historic gem back to life as a mixed income, mixed use building in the center of Milwaukee. There are 46 market rate apartments, and 44 tax credit apartments available in addition to vibrant, first floor commercial and office space.

The renovation of this historic gem has captured the attention of many including Tom Daykin at the Milwaukee Journal Sentinel. Daykin interviewed project partners and shares information on the project and its renovation in his June 2017 article Historic Germania Building brings market-rate, affordable apartments to downtown Milwaukee