Gorman Named Developer
By Mike Ivey
The Capital Times, October 26, 2006
Madison-based Gorman & Company, which has
been active in affordable housing and urban renewal efforts statewide,
has been named developer of the year by the Wisconsin Builder and
The Daily Reporter.
The award was presented Wednesday night in Milwaukee.
The firm was selected for its neighborhood revitalization efforts
plus its effective use of state funds through partnerships with
public entities like the Wisconsin Housing and Economic Development
This summer, Gorman & Company unveiled its Avalon Madison
Village apartments, a $14.7 million project on the site of the
former SuperSaver grocery off Verona Road. That project was helped
with $3.5 million in tax incremental financing from the city of
Madison, $7.4 million in WHEDA tax credits and $68,000 from Madison
Gas & Electric for energy efficiency.
That project is part of an effort by the city to help improve
the Allied Drive neighborhood. Seventy percent of the 104 new apartments
are priced for renters who make 60 percent of the county median
income -- about $43,920 for a family of four.
In addition to its work here, Gorman & Company
has been active in the Milwaukee area. Earlier this year, the
firm won the Business Journal Serving Greater Milwaukee's Real
Estate Awards for its Historic Lofts on Kilbourn project, an
adaptive re-use of the former Sinai Hospital in Milwaukee's Avenues
"With the lofts on Kilbourn we focused on preserving the
character and rich history of the building, and at the same time
the project provides a unique and affordable housing option for
a struggling neighborhood," said Tom Capp, chief operating
officer for Gorman & Company.
Gorman & Company was founded by Gary
Gorman in 1985, specializing in using tax credits and other programs
to develop housing for a variety of income levels. The company
also has focused on the renovation of historic buildings and
renaissance of traditional urban neighborhoods.
The firm now has 126 employees and manages more than 3,000 apartment