MILWAUKEE — U.S. Bank announced
Tuesday it will invest $7.2 million to construct Freshwater Plaza,
which will house a Cermak Fresh Market grocery store, retailers and
apartments in Walker’s Point.
The equity provided by U.S. Bank
was raised by federal New Markets Tax Credits to build the
110,000-square-foot development on eight acres at the corner of
South First Street and East Greenfield Avenue. The construction cost
of initial phase is $28.8 million.
“Freshwater Plaza will be a
wonderful economic catalyst to Walker’s Point and beyond. Between
the housing, fresh food store and retailers, the development will
provide jobs and tax revenue in an area that has seen little
investment activity,” said Steve Kramer, senior vice president of
U.S. Bancorp Community Development Corporation, which provided the
tax credit financing.
Freshwater Plaza is expected to
produce 320 construction jobs and 180 permanent jobs, according to
the announcement. The development will have 76 apartments, including
20 percent to be set aside for lower-income tenants.
The city of Milwaukee is
providing tax increment financing and the state of Wisconsin
provided a Brownfield Redevelopment Program grant. All renovations
are expected to be complete by the end of 2016.