City To Fund Building Redevelopment
In a rare move, the city is going to provide Compass Properties LLC with $3.2 million to repair their two Water Street properties immediately north of the 100 East Wisconsin building. Compass Properties owns 731 N. Water Street, which has been vacant forever, and 735 N. Water Street, both of which were at one point part of First Wisconsin Bank during its heyday. The money will be spent primarily on repairing the adjacent RiverWalk section and the cornice of the 735 building, as Compass works to redevelop the properties.
The move is not without disagreement though, amongst a Common Council and Mayor that have long taken a stance opposed to any city money for private projects.
“We’re setting a very dangerous precedent,” said Ald. Michael Murphy, one of two aldermen who opposed the financing plan.