U.S. Bank invests $7.2 million to build Freshwater Plaza

Freeman Staff

Oct. 13, 2015

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.