Still No Deal For The Couture. Yet
Sorry, Mark Belling, deal still isn't quite done, says developer.
Not quite, says Barrett.
“We are hard at work to complete the last piece of financing to make this iconic, transformative building a reality,” wrote the developer in a request for comment from Urban Milwaukee. “We continue to make good progress, but have nothing new to share at this time.”
Barrett, when he has funding in hand, will also need to submit a “firm commitment” for a loan guarantee from the U.S. Department of Housing and Urban Development. He was first invited to do so in November 2018. The department, through spokesperson Gina Rodriguez, said that has yet to happen. “On our end we have nothing new to report,” said Rodriguez. She noted that the department has had continued discussions with Barrett’s team.
Completing the financing package and starting construction on the 322-unit luxury apartment tower would solve another problem: the delayed extension of The Hop to the lakefront. City officials have spent much time publicly, and privately, debating what to do with the line’s eastern terminus planned to go through the tower’s base.
The tower is being designed by architecture firm RINKA. J.H. Findorff & Son is slated to serve as the general contractor and oversaw the demolition of the Downtown Transit Center on the two-acre project site.
EXCLUSIVE: Finally! Financing finally complete for Couture. Developer Rick Barrett gets $31 million today in deal underwritten by Baird. @MarkBellingShow
— Mark Belling (@MarkBellingShow) December 11, 2019
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- Eyes on Milwaukee: Couture to Start Construction in January - Jeramey Jannene - Nov 23rd, 2020
- Eyes on Milwaukee: The Couture Developer Applies For Federal Loan Guarantee - Jeramey Jannene - Sep 5th, 2020
- Eyes on Milwaukee: The Couture Developer Secures Financing - Jeramey Jannene - Jun 26th, 2020
- Eyes on Milwaukee: Is A Couture Deal Finally Coming? - Jeramey Jannene - May 13th, 2020
- Eyes on Milwaukee: Still No Deal For The Couture. Yet - Jeramey Jannene - Dec 11th, 2019
- Plats and Parcels: NBA Player Plans Downtown Apartments - Jeramey Jannene - Oct 13th, 2019
- Transportation: Couture Streetcar Extension Decision Pushed to June 2020 - Jeramey Jannene - Oct 2nd, 2019
- Transportation: City Struggles on Couture Streetcar Extension - Jeramey Jannene - Sep 12th, 2019
- MKE County: Supervisors Question Couture Project - Graham Kilmer - Sep 11th, 2019
- Plats and Parcels: The Couture Getting New Signage - Jeramey Jannene - Aug 25th, 2019
Read more about Couture here