Posted May 4, 2021, 2:01 AM
|
|
devout Pizzatarian
|
|
Join Date: Jul 2001
Location: Lincoln Square, Chicago
Posts: 30,301
|
|
update.
more good news, the construction loan has closed!
Quote:
The Couture Construction Begins May 5th
After years of delays, financing secured for complicated project to build 44-story lakefront tower.
By Jeramey Jannene - May 3rd, 2021 01:18 pm
Construction on Milwaukee’s most anticipated real estate development will begin May 5th.
Barrett Lo Visionary Development closed Friday on a $104.7 million loan to support the development of The Couture. The approximately $190 million, 44-story tower will include 322 apartments and 40,000 square feet of commercial space
The loan comes from Old National Bank. The U.S. Department of Housing and Urban Development is providing a guarantee on the loan.
“This is the largest FHA loan amount HUD has executed in the state of Wisconsin and the largest amount for HUD’s Midwest region since the year 2000,” said HUD spokesperson Gina Rodriguez on Monday.
First proposed in 2012, the building will be located on a 2.2-acre site at 909 E. Michigan St. near Milwaukee’s lakefront.
“We are thrilled to have closed on the site and to enable the Findorff team to begin construction work for the Couture, a transformational project for our community,” said developer Rick Barrett in a statement. “I want to thank the Department of Housing and Urban Development, the City of Milwaukee, Milwaukee County, and all of the partners who have worked so hard alongside us to ensure that this important project has been able to move forward.”
The tower is being designed by RINKA and will be constructed by J.H. Findorff & Son.
Initial site work will be underground, including construction of a multi-level parking structure, with vertical construction beginning in early 2022. The Downtown Transit Center previously occupied the site and was demolished in 2017.
|
full article: https://urbanmilwaukee.com/2021/05/0...egins-may-5th/
__________________
"Missing middle" housing can be a great middle ground for many middle class families.
|