Aloft Hotel Project Gains Momentum
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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)