Construction to start at The Moderne
Following a long-awaited loan guarantee approval from the United States Department of Housing and Urban Development (HUD), 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.
The City of Milwaukee had previously approved $9.3 million in loans to finance the project, but they were conditional on the approval of a loan guarantee by HUD. The guarantee was expected to be approved in February, but an overwhelming number of applications received by HUD forced an approval slowdown. To gain approval from the Common Council for a loan from the city, developer Rick Barrett (no relation to the Mayor) agreed to increased levels of Business Enterprises (EBE) program participation (25%) and Residential Preferred Preference (RPP) program participation (30%), and a first-lien personal guarantee of $4.35 million.
The majority of the project is being financed by a $41.4 million loan from Capmark Financial Group Inc and the AFL-CIO Housing Investment Trust.
The Moderne, designed by Rinka Chung Architecture, tower will stand tall over its surroundings at 30-stories, dwarfing the nearby Bradley Center, Aloft Hotel, and 4th and Highland Garage. Eventually, the development may not stand alone as the remaining Milwaukee County-owned Park East parcels are developed.
- The Moderne website
- City of Milwaukee Legistar file pertaining to city loans
- Moderne high-rise loan guarantee wins final OK, work to begin soon (August 27th, 2010)
- Activity at The Moderne Site (Jan 4th, 2010)
- The Moderne Gains Common Council Approval for City Loans (Nov 3rd, 2009)
- The Moderne Project Held for Special Committee Meeting (Oct 27th, 2009)
- The Moderne Likely to Receive Public Financing (Sep 15th, 2009)
- Aerial Site Photo (with orange shipping containers still in place)