Riverwest Hostel In Final Funding Push
Project must raise $100,000 more from investors to complete financing package.
Milwaukee’s first hostel is inching closer to reality.
Kaufmann tells Urban Milwaukee that more than 50 investors have already contributed to the deal, but an additional $100,000 is needed to move forward on construction.
In an email to Urban Milwaukee, Kaufmann describes the next few weeks as “critical days” to keep the project on schedule for a summer 2019 opening.
Weber would operate the hostel. Rooms would be configured to include everything from one- and two-bed rooms for $70/night to 12-bed rooms renting for $15-$25 per bed per night. Weber will be joined by partners Billie Myhra and Wendy Mesich. Kaufmann also tells Urban Milwaukee that she has expanded her role in the project to include serving on the hostel’s management team.
Weber, too, is a Riverwest resident and sees a hostel as a welcome amenity for the city. She notes that travelers are able to stay in hostels in Madison and Chicago, but don’t have an affordable option in Milwaukee.
She adds that the hostel’s location will not only serve to help foster growth at the intersection of Riverwest and Harambee, but “show people real Milwaukee instead of downtown Milwaukee.”
This weekend Weber will relocate her bicycle shop to a temporary location in Riverwest at 3334 N. Holton St., and eventually to a small space in the first floor of the hostel. She plans to add a “mobile pop-up shop” by using a converted bus as a bike shop on wheels to expand the reach of the business.
Kaufmann has a number of other projects in the works. The Sherman Phoenix project is scheduled to open later this year.
The proposal, which involves purchasing the vacant building from Milwaukee Public Schools, secured the support of the Milwaukee Common Council in February. For more on the project, read our coverage from the land sale hearing.
Don’t have the funds on hand to become an equity investor? There is still an avenue to support the project. Kaufmann tells Urban Milwaukee: “We will be kicking off a Indigogo campaign in the next few weeks for smaller amounts and perks including Riverwest24 inside and outside stays during the 24. Also pre-booking hostel stays for the hostel and other fun perks.”
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