Lead Developer: Kevin Kadlec, principal of Door Creek Construction, has completed numerous LIHTC deals as either developer or general contractor. At Virginia Towers, his experience with identifying critical construction items was key to saving this failed condo development and repositioning it as quality senior housing.
Virginia Towers is a 9 story building located on Kenosha’s waterfront that had originally been developed as a luxury condominium building. Almost complete but vacant and foreclosed, Door Creek saved this building while providing much needed senior housing. The 34 units contain a mix of one and two bedrooms with 1 and 2 baths, respectively. The project failed during the economic crisis while the construction was not complete, leaving the building subject to the elements. Lightengale Group helped structure the tax-exempt bonds and 4% credits, completed the WHEDA application and assisted with the 8609 close-out.
Project Funding Sources:
Unique Project Elements:
Photo Credit: Google Earth