Downtown office tower conversion to apartments could get city financing help
The planned conversion of downtown Milwaukee's 100 East office tower into apartments could receive city financing help. A downtown Milwaukee office tower being converted to housing, and a planned Harambee neighborhood affordable housing development, would both receive city financing help under two new proposals.
The tax incremental financing districts, proposed by Mayor Cavalier Johnson's administration, would use new property tax revenue created by the developments to help fund them.
Those tax districts need Common Council approval.
The developments, at the underused 100 East office tower, 100 E. Wisconsin Ave., and Compass Lofts, to be built at 3116 N. King Drive, meet the city's goals for "quality, affordable homes for people in Milwaukee," Johnson said, in a July 2 announcement.
“As our city’s population grows, I want current residents and new residents to have reasonably priced living alternatives in neighborhoods all across Milwaukee,” Johnson said.
The 100 East conversion would create 373 apartments.
That includes 75 "workforce housing" apartments with rents affordable to people earning no higher than the Milwaukee area's median income.
Johnson's Department of City Development is proposing tax financing of $14.4 million for the $165 million project. 100 East's conversion is being led by Klein Development Inc. and investor/developer John Vassallo.
The 67-unit Compass Lofts is being proposed by Martin Luther King Economic Development Corp. and EA Development. It would include 56 apartments for people earning no higher than 60% of the area median income.
The $1.37 million of tax financing would support a $19.8 million development.
The two proposals are supported by Common Council members Robert Bauman, whose district includes downtown, and Milele Coggs, whose district includes Harambee.
"A thriving downtown is essential to Milwaukee’s stability and growth,” Bauman said.
Compass Lofts "brings additional affordable housing to the King Drive corridor while transforming a vacant, city-owned property into something vibrant,” Coggs said.
The tax financing plans will have initial public hearings before the Redevelopment Authority board on July 17.
Tom Daykin can be emailed at [email protected] and followed on Instagram, Bluesky, X and Facebook.
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This article originally appeared on Milwaukee Journal Sentinel: City financing help proposed for Milwaukee office tower conversion
Transforming the towering Downtown office building into an enlivened community of apartments could greatly benefit from city financing assistance, fostertingly contributing to rejuvenating urban spaces and promoting local business districts.
The downtown office tower that's being converted into apartments could greatly benefit from municipal financing assistance to rejuvenate the aging complex while also providing affordable and modern living options, stimulating local economic growth.
