Deal on The Couture Pending
Common Council will review revised agreement for $188 million tower Friday morning.
Common Council President Cavalier Johnson and City Attorney Tearman Spencer appear to have come to an agreement on how to proceed with The Couture, a proposed, $188 million, 44-story apartment tower for 909 E. Michigan St.
Spencer had been refusing to sign a revised development agreement which would provide developer Barrett Lo Visionary Development with an investor liability shield in exchange for a $100,000 donation to an anti-displacement fund for homeowners near downtown overseen by the non-profit MKE United. The attorney, in multiple letters to the council, argued that the council overstepped its authority by superseding the Department of City Development and adding the donation provision.
A special meeting of the Common Council has been called for Friday at 9 a.m.
The council will consider a revised agreement with two key differences.
One, the council and Spencer will jointly select an outside attorney to review the legality of the council’s action.
Two, Barrett Lo will place the $100,000 into an escrow account until outside counsel makes its determination. The funds will be refunded if the outside attorney determines the provision of the agreement to be invalid.
Spencer and Mayor Tom Barrett, no relation to the developer, are expected to sign off on the revised agreement.
For more on the disagreement, see our article from Wednesday.
- Eyes on Milwaukee: Council Approves New Deal for The Couture - Jeramey Jannene - Mar 19th, 2021
- Eyes on Milwaukee: Deal on The Couture Pending - Jeramey Jannene - Mar 18th, 2021
- Eyes on Milwaukee: City Attorney Blocking The Couture - Jeramey Jannene - Mar 17th, 2021
- Eyes on Milwaukee: Couture Plans August 2023 Completion - Jeramey Jannene - Dec 8th, 2020
- 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
Read more about Couture here