An apartment building that includes affordable units, and a hotel, are planned for downtown s Park East strip using the strip s last parcel still owned by Milwaukee County.
The development would be on a 2.1-acre vacant lot bordered by North Water Street, North Broadway, North Milwaukee Street, East Lyon Street and East Ogden Avenue.
Developer Cornelius McClendon is working to secure financing, and plans to begin building the six-story, 122-unit apartment building by the end of this year.
Around 20% to 25% of those apartments would be set aside at below-market rents for people earning no higher than half the local median income, McClendon told the Journal Sentinel on Wednesday.
Below-grade improvements will begin at 909 E. Michigan St., Barrett Lo Visionary Development LLC announced Monday.
The timetable calls for a structure to be rising by early 2022, with completion anticipated by fall 2023, the firm said.
The closing on the development s main financing source, a $104.7 million construction loan guaranteed by the U.S. Department of Housing and Urban Development, occurred Friday, according to department spokeswoman Gina Rodriguez. This is the largest (Federal Housing Administration) loan amount HUD has executed in the state of Wisconsin and the largest amount for HUD’s Midwest region since the year 2000, Rodriguez said.
“We are thrilled to have closed on the site and to enable the Findorff team to begin construction work for the Couture, a transformational project for our community,” said Rick Barrett, founder and chief executive officer of Barrett Lo Visionary Development.
A $7 million office and residential development is planned for a location where Milwaukee s east side and downtown converge.
It will feature a three-story, 10,500-square-foot commercial building and four townhomes at 1540 N. Jefferson St., according to a zoning change application filed with the Department of City Development.
The new buildings will replace a two-story, 23,000-square-foot office building that Apachii Capital LLC bought in October for $1,275,000, according to city assessment records.
The three-story office building will mainly be occupied by Apachii Capital and other ventures operated by Josh Delaney, who is the project developer.
About five to 10 employees will work in that space, said Delaney, whose firms are now based in St. Francis.
A plan to provide up to $20 million in city financing for Milwaukee Tool s new downtown office, which could have up to 2,000 employees, received another important public approval Tuesday.
But, for the second time in two weeks, that came only after organized labor groups said the financing proposal should include a side agreement on wages, benefits and working conditions for janitors and other employees of outside vendors at the future office.
The Common Council s Zoning, Neighborhoods and Development Committee voted 4-0, with Ald. Milele Coggs abstaining, to recommend approval of the proposal.
The full council is to review the proposal at its May 4 meeting.