The Business Journal of Milwaukee: Project aimed at water businesses - 5th Ward project would add $117 million in development
Atlas Development Corp. (“Atlas”), Milwaukee, and General Capital Group, Fox Point, are proposing to build a 630,000-square-foot business park located on 17 acres between South Sixth Street, South Third Street, the Menomonee River Canal and West Florida Street.
The $117 million business park is planned to attract water-based technology firms. The proposed park includes office and research buildings, and at least one multi-family residential building.
Atlas and General Capital Group are seeking $6.5 million in tax incremental financing (TIF) from the city. The money would be repaid through property taxes generated by the new developments. Under the proposal, the city will spend $4.2 million for infrastructure, $900,000 to finance the business park’s first building, and $1 million in grants to attract water-based technology businesses.
Atlas and General Capital Group are hoping that the City of Milwaukee will approve this redevelopment site for a TIF district as the city will benefit from the new, highly-anticipated water technologies industry along with the University Of Wisconsin Milwaukee School Of Freshwater Sciences.
According to Pete Millard, writer for The Business Journal of Milwaukee, “The Milwaukee Common Council’s Zoning, Neighborhoods and Development Committee will review the TIF plan Sept. 15, and the Common Council is expected to vote on the TIF resolution Sept. 22.”
My Thoughts
In recent months, the Fifth Ward has received a great deal of attention from real estate investors and developers. And why not? It’s proximity to Downtown, Historic Third Ward, Walker’s Point, Bay View, and the Menomonee River Valley makes it appealing for a variety of reasons, especially the water-based technologies that the region is promoting. As long as the economy holds together and the City of Milwaukee is able to work with the University of Wisconsin-Milwaukee, I anticipate that the Fifth Ward will continue to receive greater interest regarding future real estate developments.
Millard provides more details about Atlas and General Capital Group’s proposed Fifth Ward development. Click here to read how their proposed development will facilitate the water-based technologies industry>>>
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Labels: Economy, Real Estate
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