Journal Sentinel Redevelopment Secures Two Environmental Cleanup Loans
Funds from revolving loan program will support the cleanup of contamination from a century of use.
The firm is advancing two separate housing redevelopments within the full block complex. The first would convert a 1962 addition at the southwest corner of W. State St. and N. Old World Third St. into a 77-unit (189 bedroom) affordable housing development for Milwaukee Area Technical College students. A second phase would redevelop the signature Journal Building at the southeast corner of W. State St. and N. Vel R. Phillips Ave. into up to 103 units.
The remaining newspaper employees recently relocated to office space at the 333 Kilbourn office complex. The source of the contamination in the building is the former printing press area, vacant since 2004 according to a city report. The ground is contaminated by metals, polycyclic aromatic hydrocarbons (PAHs) and volatile organic compounds (VOCs). The complex, similar to almost all of its time, has lead-based paint and asbestos-containing materials.
The affordable housing portion would receive a $1 million loan repaid over 10 years at an interest rate of 3.75 percent. The market-rate housing portion would receive a $700,000 loan, paid over 10 years at an interest rate of 4.75 percent. RACM assistant executive director Dave Misky said the interest rate is higher on the latter deal because it is a market-rate housing proposal. Jeffers, which has different holding companies for each project, requested the loans be split, Misky said.
Funds for both loans would be disbursed on a reimbursement basis.
In July the Common Council and RACM approved $1 million in developer-financed tax incremental financing for the $54 million project. The funds would support the affordable housing and replacing a frieze depicting the history of communication, removed in 2011, on the Journal Building. Jeffers would receive the funds over a period of 10 years from the incremental property tax revenue generated by its development.
RACM has used the loan fund for a variety of projects in 2020. The Admiral’s Wharf project received approval for a $1.5 million cleanup loan in September. Thursday’s meeting also included approval for a loan for The Community Within the Corridor affordable housing development at N. 32nd St. and W. Center St.
- Eyes on Milwaukee: Journal Sentinel Redevelopment Secures Two Environmental Cleanup Loans - Jeramey Jannene - Oct 16th, 2020
- Eyes on Milwaukee: $1 Million For ‘Really Unique Project’ - Jeramey Jannene - Jul 21st, 2020
- Eyes on Milwaukee: City Funds Get First Approval for Journal Square Lofts - Jeramey Jannene - Jul 16th, 2020
- Eyes on Milwaukee: Jeffers Advancing New Plan to Redevelop Journal Sentinel Complex - Jeramey Jannene - Jul 9th, 2020
- Eyes on Milwaukee: $6.9 Million Won for 317 Affordable Apartments - Jeramey Jannene - Apr 28th, 2020
- Plats and Parcels: Journal Square Will Be Hundreds of Apartments - Jeramey Jannene - Nov 24th, 2019
- Eyes on Milwaukee: Plans Submitted for Journal Square Lofts - Jeramey Jannene - Nov 4th, 2019
- Plats and Parcels: Journal Sentinel Complex Sold - Jeramey Jannene - Nov 3rd, 2019
- J. Jeffers & Co. Purchases Journal Communications Block - J. Jeffers & Co. - Oct 31st, 2019
- Eyes on Milwaukee: Journal Sentinel Making Historic Move - Jeramey Jannene - Jul 25th, 2019
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