West Allis CDA approves development deal for former Saint Aloysius site at 1405 S. 92nd St.

The West Allis Community Development Authority on Monday approved a purchase-and-sale and development agreement with F Street 92, LLC to redevelop the former Saint Aloysius site at 1405 South 92nd Street.

Patrick (CDA staff) told the CDA the publicly supported portion of the deal is structured as a developer-funded tax-increment financing (TIF) arrangement capped at $13,150,000. He said the CDA’s financial modeling produces a net present value of about $7,000,000 for that public participation and estimated the developer would borrow about $26,180,000 and raise roughly $11,300,000 in private equity for the overall project.

Under the site plan described to the board, the project would include 147 rental units: two garden-style buildings of about 21 units each and a 105-unit mid-rise with underground parking and shared amenities. Patrick said the mid-rise was shown along Greenfield Avenue in the planning commission materials and noted the existing Gonzaga property (affordable senior housing, privately owned) would remain in place. He described expected annual tax receipts of “over $600,000” at full assessment and said the estimated assessed value would be about $31,900,000.

Board members questioned affordability and cash flow mechanics. Mike (F Street 92, LLC representative) and Patrick both said the agreement is market-rate housing; Patrick acknowledged some unit types (for example smaller studios) could rent at levels that are naturally affordable in the local market but are not designated as project-based affordable units. Patrick emphasized the CDA would not be fronting cash: "The city is not fronting any money," he said, describing the arrangement as a pay-as-you-go TIF where developer performance generates the increment that would flow back over time.

Patrick walked the board through the schedule and modeling. He said the Joint Review Board had reviewed TIF 21 and that the CDA and council had held public hearings; staff projected 22–24 years of public participation under current assumptions though a 27-year TIF term had been modeled for hearing purposes. He said the developer had financing commitments and staff anticipated a closing within about a week.

The board moved and seconded the resolution approving the purchase-and-sale and development agreement; a roll-call vote produced a majority in favor and the resolution passed. Following the vote the CDA also approved an easement allowing We Energies to provide electrical service to the site.

Next steps noted by staff include final council approval as needed, closing, and the potential for a late-November groundbreaking depending on permit and financing timing.