New Land Enterprises has raised $3.6 million in Opportunity Zone equity for the Nova apartment development in the East Town neighborhood of Milwaukee. The nine-story building will have more than 250 apartments and amenities that include a fitness center, outdoor pool, and electric vehicle charging stations.
The Nova apartments will be located at 1237 N. Van Buren Street and is expected to be completed in mid-2023. Nearby attractions include the Milwaukee Art Museum, Milwaukee School of Engineering, and Veterans Park. The building will be located walking distance from both Lake Michigan and the Milwaukee River.
There are 34 Opportunity Zones in the city of Milwaukee; the median household income for these census tracts is approximately $30,000, compared to $64,000 for the state as a whole.