Northwest Side CDC Receives Approval from Common Council on Project at 3201 N 40th Street
Northwest Side CDC is proud to announce that we have received approval from the Milwaukee Common Council to purchase the building at 3201 N 40th Street. This site will be home to a high quality, employee owned childcare center that will be able to serve up to 100 children. This project is estimated to cost $1.765 Million with a $700,000 grant commitment from the federal Office of Community Service as a major source of funds. Northwest Side CDC also has the ability to commit lending capital from our CDFI and PNC Funds, but will continue to pursue partnership opportunities with foundations and other lenders to support this project.
In addition to having a strong and proven operator, this childcare center will be unique in that it will be employee owned. We know that one of the biggest existing challenges in the childcare industry is employee retention due to low wages. Childcare workers are underpaid relative to the essential role they play in the education of our children. Employees at this center will have an ownership stake and will see their earnings increase as the business grows and becomes more profitable. We think this will benefit the business by helping with employee retention and ensuring that the workers earn an income that is much closer to the true value of their labor.
“We are extremely excited about the opportunity to help bring a high-performing early learning center to the heart of the Sherman Park neighborhood. This site was once a neighborhood school that children could walk to and receive a quality education. We are delighted to restore the building in a similar use, giving families in this residential part of the city a high performing place for their children to receive care and education near their homes,” said Willie Smith, Executive Director of Northwest Side CDC. “We would like to thank the City of Milwaukee DCD, Alderman Rainey, BMR Architects, and MBM Development for their partnership on this project. And we want to thank the Office of Community Service for providing grant funding that will assist us with the financing of this project.”
NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. While it is believed to be reliable, Urban Milwaukee does not guarantee its accuracy or completeness.
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