Life Creek Church Senior Housing, Oak Creek, WI

lifecreek

HO&C is the Pre-Development and Financial Consultant to Life Creek Church to support a Plan Unit Development (PUD) for a 26.5-acre parcel owned by the church located in Oak Creek, Wisconsin. The church is seeking to rezone approximately 12.5-acres from existing Institutional and Single Family Residential District to Multi-family Residential District.

The church is proposing an 80 unit senior facility to be located upon Lot 1 of the proposed rezone area. The Lot 1 will contain approximately 5.29-acres and also contain the retention pond made necessary by the senior project, and which will also accept storm water from other portions of the church property for future phased developments.

The future phased developments will include an assisted-living facility as well as for-sale cottage style townhomes targeted to senior population. The church has proffered that at least 80% of these residential units in the independent senior building will be affordable to residents with a maximum income of 60% of the area median income, and has requested that the minimum age limitation for the independent living units be 55 years.

The project will have approximately 48 one-bedroom units and 32 two-bedroom units. The senior project will feature a variety of amenities and common areas oriented towards independent seniors. The facility will provide common areas designed to encourage interactive and healthy senior lifestyles including a multi-purpose banquet room with warming kitchen, a game and movie room, an
exercise fitness center, beauty shop, lounge areas, computer room, library, patio with courtyard, benches and rockers and personal panning plots.

The projected total development cost is $15.5 million. The funding sources will include allocation of low income housing tax credits from Wisconsin Housing and Economic Development Authority (WHEDA), issuance of tax-exempt bonds from WHEDA, and equity from the church.

The Planned Unit Development Application has been submitted to Planning Commission. On October 13, 2009, the planning commission held a public meeting to review the application. The plan was recommended by staff and approved by the commission. The final review of the application will be completed in December by the Common Council of Oak Creek. Once application is approved by the Common Council, the project can begin application for building permit.

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