The new apartment revitalization project of the seven-story, 108,000 square feet space, Posner building on W. Wisconsin Ave could help revive the area near the Grand Ave Mall downtown. Currently the famous stake house Mo’s Irish Pup occupies the lower floor and part of the second floor. According to city officials, the city of Milwaukee could provide a substantial amount of funding for the $25 million project.
The Milwaukee based Developer HKS Holdings responsible for the development of projects such as the Global Water Council, and 311 East Chicago Street mixed-use office, Condo and retail building is to convert the currently vacant upper floors space of the white stone façade with large window openings building facing Plankinton Ave and Wisconsin Ave into a modern 105 high-end apartments.
At least $14 million of the project cost is made available by the Wisconsin Housing and Economic Development Authority with additional financing that could reach a $2.5 coming from the City of Milwaukee through property taxes for building improvements. Within the past year, governor Scott Walker has also raised the preservation tax credit by 15% in an effort to help encourage such revitalization projects for the Milwaukee area. This tax credit comes in combination with a 20% federal historic preservation tax credit available also for qualified projects.
In an effort to bring more residents into the area, Mo's Irish Tavern owner John Vassallo has plans ready to rebuild the new apartments proposal since the year 2000. The vacant space that has been awaiting the sustainable redevelopment for the last seven years could also include a street-level retail strip next to Mo’s Irish Pub.
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