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River Trail Commons cohousing project in Milwaukee outlines discounts, financing and utility constraints
Summary
The presenter described a 40‑unit cohousing project in Milwaukee’s Riverwest neighborhood (near Gordon Park) planned with a common house, deed‑restricted discounted units for first‑generation buyers, National Cooperative Bank financing prospects, and delays tied to utility relocation and a previously contaminated site.
A cohousing developer and consultant described details of River Trail Commons, a planned cohousing development in Milwaukee’s Riverwest neighborhood, and told Shorewood officials that the project uses a mix of discounts, deed restrictions and potential municipal tools to keep some homes perpetually more affordable.
Project description: The presenter said the project site is near Gordon Park on Locust and Humboldt in Riverwest and covers roughly 1.4 acres. The design described during the workshop calls for about 40 homes, a large common house connected to the main building, underground parking with 21 deeded parking spaces, and shared amenities such as guest rooms, a workshop, bike repair and a large playroom. The presenter described the buildings as “solar ready” with grid infrastructure set for future EV chargers but said many energy upgrades are planned for a later phase.
Affordability and resale rules: The presenter said the project has set aside approximately $1 million to create discounts for “first‑generation buyers” (buyers whose families previously did not build home equity). Discounts would be paired with deed restrictions or deeded resale rules so discounted homes remain more affordable on resale; the presenter described a representative rule that would require future resales to be sold to an eligible buyer at four‑fifths of the subsequently appraised value (the presenter used “four fifths” as an example).
Financing and timeline: The presenter said the National Cooperative Bank expanded lending to cohousing and is likely to provide construction financing. She described the financing sequence as requiring predevelopment funds, then a construction loan closeout at move‑in. The team has not taken presales because final pricing is not yet complete; presenter and consultants expect roughly 14–18 months of construction time once major utilities and permits are in place.
Site history and infrastructure constraints: The presenter said an earlier planned site on Center Street was dropped because of volatile organic compound contamination that is still being monitored by the state, and the group moved to the Locust/Humboldt site. She described repeated delays tied to utility relocation work by We Energies — including moving overhead transformers underground — that have slowed demolition and construction sequencing and added costs.
Other details and governance: The presenter said River Trail Commons plans a mix of unit sizes, including several four‑bedroom units to attract families, and discussed hybrid management (combining professional management and resident responsibilities). She said some units could be held as limited‑equity cooperative units in the long run via legacy deeds that would transfer ownership to the cooperative on an owner’s death.
What is not yet decided: Final sale prices, the exact mix of deed‑restricted units and full‑market units, presales and formal lender commitments are not finalized, the presenter said. She said pricing and presales will be posted once pro formas and contractor estimates are complete.
Ending
The River Trail Commons presentation served as a case study for Shorewood officials considering cohousing; the presenter asked village staff to identify zoning obstacles and said she would return with more technical materials if the village requests further analysis.
