Asian Market seeks state loan for Milwaukee expansion

Special to The Freeman

April 14, 2014

MILWAUKEE – Milwaukee's Asian Market Phongsavan is seeking a state grant for a $4.1 million expansion.

The expansion, which includes building a 70,580-square-foot building near its existing indoor market at North 76th Street and West Mill Road in Milwaukee, is expected to create nearly 270 jobs. Plans for the building would include a public market-style retail space and basketball courts on the first floor.

Additionally, the second floor would have office space for a pharmacy, medical clinic and professional service companies.

Financing for the project will come from a few different sources. The Milwaukee Economic Development Corp. has approved a $418,281 loan and Brookfield’s Ridgestone Bank is servicing a project loan that is backed by the U.S. Small Business Administration.

Asian Market, which was founded in 2008 and is in a 14,000-square-foot building, also plans to apply for a $250,000 loan from the Wisconsin Economic Development Corp. for the expansion.

On Monday, the Milwaukee County Board’s Economic and Community Development Committee voted to have Milwaukee County support the Asian Market’s WEDC loan application. The full County Board on April 24 will consider the item.

www.milwaukeeasianmarket.com