MILWAUKEE, WIS. — U.S. Bank has provided $7.2 million in equity for the development of a 100,000-square-foot mixed-use project on eight acres in Milwaukee. Freshwater Plaza will be located in Walker’s Point at the corner of South First Street and East Greenfield Avenue. The construction cost of the initial phase is $28.8 million. The $7.2 million in equity was raised through the federal New Markets Tax Credit Program, which is designed to spur revitalization efforts of low-income and impoverished communities across the country.
The development will feature 76 apartments, including 20 percent to be set aside for lower-income residents; a Cermak Fresh Market grocery store; and other as yet unnamed retailers. The City of Milwaukee is providing tax-increment financing, and the Wisconsin Economic Development Corp. provided a brownfield grant. The property is slated to open by the end of 2016. Endeavour Corp., Wangard Partners Inc. and Freshwater Plaza Corp. are the project developers. Catalyst Construction LLC is the general contractor.