The Moderne Likely to Receive Public Financing
The Moderne, the long awaited project on the corner of 3rd and Juneau, is moving ahead. The City, through RACM, is aiming to provide $10,000,000 in financial assistance to the project. A deal that is very likely to be approved. The building is to be largely an apartment building with first floor retail and a few condos at the top three floors. Originally intended to be 80 condos, the project is now 154 apartments and 33 condos spread over 30 floors.
To demonstrate how long the project has been in the works, it won zoning approval in 2007.
Developer Rick Barrett reported that he had a difficult time finding financing, stating that he had talked to hundreds of banks. It’s no secret why that might have been, with hundreds of units available on the condo market in Milwaukee (largely collected in a few buildings) and commercial real estate lending virtually non-existent as the economy falters.
The project will easily be one of the most dense buildings in Westown, with its good urban design and small footprint. As a comparison, The Palomar, which was proposed just across the street, was to occupy an entire city block. The Moderne will occupy a small plot of land next to Vecchio Bar and Grille. Hopefully it can serve as a catalytic project to spur more quality urban development in the Park East and Westown.