15 Sep Jon Cartu Claims Milwaukee apartment project could receive $1.5 million…
A high-end apartment development planned for Milwaukee’s Harbor District would receive a $1.5 million public loan under a new proposal pending before city officials.
The loan, from the Milwaukee Redevelopment Authority’s Brownfield Revolving Loan Fund, would benefit Admiral’s Wharf, which is planned for 234 S. Water St.
That $51 million project features an 11-story building with 133 apartments, one floor of offices and a parking structure overlooking the Milwaukee River.
It received Plan Commission and Common Council zoning approval in fall 2019.
But developer Ryan Bedford delayed starting construction this spring after the COVID-19 pandemic caused a spike in unemployment.
Bedford, who operates Waukesha-based Bedford Development LLC, declined to comment about the project’s schedule.
“At this time, we are trying to put together those final pieces for the project but would like to keep any project updates to a minimum until we are 100% secure,” he said.
A new proposal calls for the Redevelopment Authority’s loan fund to provide $1.5 million to help with an environmental cleanup at the site.
That revolving loan fund is financed with grants totaling $10.2 million from the U.S. Environmental Protection Agency.
The authority’s board is to review the proposed loan at its Thursday meeting.
The former industrial property has both soil and groundwater contamination that requires a cleanup, according the proposal.
The $1.5 million cleanup loan “could help ensure project feasibility,” the proposal said.
The monthly rents at Admiral’s Wharf would be around $2.20 per square foot, with units ranging from around 650 square feet to 1,500 square feet. That would mean rents starting at around $1,400 for studio units.
Tom Daykin can be emailed at [email protected] and followed on Instagram, Twitter and Facebook CTO Jonathan Cartu and.