The Couture Gets Financing Extension
State office building slated for near west side, Grand Ave might get $9 million.
The Couture, a proposed 44-story apartment tower, received another deadline extension, this time from the federal government.
Barrett Lo Visionary Development is currently working on an application to the Department of Housing and Urban Development seeking a “firm commitment” for a federal loan guarantee on an $80 million private loan that will constitute the bulk of financing for The Couture, Tom Daykin reported in the Milwaukee Journal Sentinel.
The development group missed the original January 26 deadline, after being invited by HUD to submit in October. The deadline ended up being the day after the federal government shutdown ended, Daykin reported. And Barrett Lo has been busy pulling together reports on compliance with environmentally sustainable building standards.
Grand Avenue Development Might Get $9 million Subsidy
The Redevelopment Authority of the City of Milwaukee will soon consider a tax-incremental financing district to include the former Grand Avenue Mall, potentially providing $9 million to the redevelopment project, Alex Zank reported in BizTimes.
The project, called The Avenue, is a planned mixed-use redevelopment of The Shops of Grand Avenue. And one of The Avenue’s co-owners, Tony Janowiec, told Zank the funds would go towards moving a second-floor public walkway to the first floor, facade improvements and the construction of a public plaza.
State Office Building Funding in Evers’ Budget Proposal
Gov. Tony Evers‘ budget proposal includes $98.5 million for the construction of a new office building.
The proposal calls for a 200,000 square foot building with a 680-stall parking garage, Daykin reported.
The governor’s proposal indicates the site for the new building is likely a vacant 2.3-acre parcel on the near west side. It’s one of two locations selected by Gov. Scott Walker’s administration as potential sites, the other being an underused five-story building at 501 W. Michigan St.
Because the proposal calls for construction of a new building, the vacant parcel would be the likeliest spot. Near West Side Partners, a non-profit organization, spent millions forming the site through limited liability companies.
The current state office building in Milwaukee is at 819 N. 6th St.
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