Following a long-awaited loan guarantee approval from the United States Department of Housing and Urban Development, construction will soon begin on The Moderne. The $55.2 million tower, which will stand at the southwest corner of Old World Third Street and Juneau Avenue, will contain 203 apartments, 14 condominiums, 204 structured parking spaces (181 apartments, 23 condos), and 7,230 square-feet of first-floor retail.

After today’s news, nationally 2010 might go down as the year of high-speed rail, but here in Milwaukee it just might be the year of the Park East. By looking at the economy and listening to all of the talk of doom and gloom one would think this isn’t very likely, but it sure seems that momentum is building in the Park East corridor.

The $55.24 million The Moderne high-rise development has begun preparing for construction. Recently, the shipping container building that housed The Moderne’s sales office was packed up and removed from the site. Additionally, utility work is ongoing adjacent to the site as the property is being staged for construction.

Would Milwaukee be better off with the Park East Freeway spur intact? No. Has development been slow so far? Yes. Is that a problem? Only if you have a short-term perspective on the future of Milwaukee.

The Moderne development received approval for $9.3 millions in loans from the City of Milwaukee that led developer Rick Barrett had been seeking. At last week’s Zoning, Neighborhood & Development Committee three significant concerns were expressed by committee members, all of which were worked out prior to today’s Common Council meeting.

The Moderne, if approved, would be located at 1141 N. Old World Third St. The high-rise project would include 203 rental units, 14 condominiums, 214 parking spots, and a retail component. The plan included expanding the Park East TID by $11 million to provide for $9.3 million in loans for the Moderne , $650,000 for the construction of a new park, and $850,000 for administrative costs. The majority of funding for the project, a $41.4 million loan, would be serviced through Capmark Financial Group, funded with AFL-CIO pension funds, and guaranteed by HUD.

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.