Dave Reid

Aloft Hotel Project Gains Momentum

By - Oct 21st, 2008 11:37 pm
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Aloft

Aloft

Despite delays, alterations, and setbacks the 160-room Aloft hotel project has finally started to overcome some of these hurdles.  This project at one time included two stories of residential condominium units, referred to as The Residences Above, but those were removed due to a lack of market demand.  This setback the project’s planned ground breaking back in April of this year but recently there have been many encouraging developments regarding this project.

The developers David Florsheim and Robert Ruvin have lined up a variety of funding sources which should allow this project move forward.  The Wisconsin Community Development Legacy Fund (“WCDLF”), a nonprofit organization formed by the Wisconsin Housing and Economic Development Authority (“WHEDA”) and Legacy Bancorp, approved a $10 million tax credit allocation for the Aloft hotel project.  Additionally, the Common Council approved over $1 million in city financing, as part of TID #48, to fund a portion of a Riverwalk segment and a plaza.  Most significantly, during October 21st’s Zoning, Neighborhoods & Development Committee meeting Jim Scherer, from the Department of City Development, announced that the developers were to receive financing for the project on the 21st.  With funding sources lining up and city approvals moving forward it seems likely a new building will be rising along the Milwaukee River in the coming months.

(NOTE The rendering shown is the latest available at this time, but may not reflect the current design)
Categories: Real Estate

4 thoughts on “Aloft Hotel Project Gains Momentum”

  1. James Polk says:

    How tall does this hotel get?

  2. Dave Reid says:

    @James Polk At this point the project has been cut down and cut down and as it stands now it will only be 5 stories. I’m working to get updated renderings as it has continued to change. It has never been what I’d consider a great project but continuing the riverwalk and bringing development to the (near) Park East area are at least positives.

  3. TRR says:

    This project has broke ground!

  4. Dave Reid says:

    @TRR yes it is my understand that they have begun some preliminary work.. And we’ll have an update on the site soon.

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