Rendering of The Corridor residential development, located in the 600 block of North Main Street. 

Source: The Commonwealth Companies
On Thursday, May 16, 2024, the Wisconsin Housing & Economic Development Authority (WHEDA) awarded $32.5 million in competitive Federal and State housing tax credits to help advance affordable housing and economic recovery in Wisconsin. The awards will support 23 housing projects totaling 1,383 units, including 105 combined units at The Corridor and 700 Grand developed by Commonwealth Development Corporation (“Commonwealth”). Commonwealth Construction Corp. will lead as the general contractor for both developments, and M+A is the architect on record.

The Corridor, located along the 600 block of North Main Street and the 600 block of Jefferson Street in Oshkosh, received $1,657,573 in tax credits that will support the construction of 55 new housing units across three buildings. The first three-story midrise building will contain 39 one-, two-, and three-bedroom units, along with a two-shift daycare operated by The Oshkosh Child Development Center (ODCD). The daycare will serve as the first and only licensed two-shift daycare facility in the City of Oshkosh. Additionally, the property will include two townhome buildings, each comprised of eight three-bedroom units.

“We are beyond thrilled to bring this project to Oshkosh and look at it as a double-win,” said Tyler Sheeran, VP of Development, Commonwealth Development Corporation. “Not only will there be quality, new, affordable housing in the heart of the City, but adding the daycare component will fulfill another significant community demand, specifically catering to working-class individuals and families who are in need of affordable childcare that can accommodate varying shifts.”

The Corridor’s total cost is $19 million, and it is planned to open in Spring 2026. WIRE Capital Group is the co-developer, and the City of Oshkosh is also providing financial support.

Commonwealth also received a $1,693,597 tax credit award to support 700 Grand, located on the corner of Grand Avenue and East Thomas Street in Wausau. The $20 million development will include one four-story midrise building with 50 one-, two-, and three-bedroom units. Underground parking will be available and North Central Community Action Program will serve as the commercial tenant and provide a number of supportive services to 700 Grand residents and the entire Wausau Community. The property plans to open in the Summer of 2026.

“It is really fortunate that 700 Grand can provide space to offer supportive resources to residents and the community,” said Sheeran. “This includes things like the Wisconsin Works Program (W-2), Food Share, employment and training assistance, medical assistance, and more, which will be conveniently located and, I’m sure, invaluable to many. This housing project has been in the works since the fall of 2022, and we appreciate the City of Wausau’s ongoing flexibility and trust in partnering with Commonwealth.”

Currently, Commonwealth is developing and constructing projects in 17 states and continues to grow their portfolio and footprint steadily.

“Affordable housing remains a critical need across the U.S.,” added Dan Kroetz, Senior VP of Development, Commonwealth Development Corp. “Commonwealth will continue to do our part to help bridge the gap and give people the opportunity to access safe and affordable housing. Wisconsin’s tax credit awards are some of the first to be announced, and we look forward to more positive news on the other 15 LIHTC applications we intend to submit in 2024.”