The project is sponsored by Beerline Crossing LLC., a special entity created to help in the transformation of prior vacant underutilized industrial property in the Port Washington corridor of the Riverworks Industrial District. This Riverworks area at one time employed thousands of industrial employees through corporations like American Motors Corporation and Chrysler. Over the last fifteen years, the City of Milwaukee and the City of Glendale have initiated a series of office, light industrial, warehouse and retail projects that focused on redefining this area into regional powerhouse. The Beerline Crossing’s project is a multi-phased redevelopment effort to turn underutilized properties into a regional mixed-use development project supporting this effort.
Phase I of the redevelopment effort is the reconstruction of approximately 43,000 sq. ft. which will be occupied by the State of Wisconsin Department of Corrections, reconstruction of 8,000 sq. ft. retail service space and the reconstruction of 30,000 sq. ft. warehouse and light industrial space. This application for funding is a request to provide subsidy to support the permanent debt solution for Phase I. Based on the current capital markets the project is not able to attract capital in amount sufficient to fully fund the construction liabilities associated with the project. The cost of mezzanine capital to complete the financing is too costly for the project to be viable in either the short or long term.
Beerline Crossing, LLC is a commercial real estate venture providing leased space to retail, office and warehouse tenants. The project originates out of the community’s directly developed plans for reutilization of these abandoned and underutilized properties. The project is located in an area with 2 primary distress criteria and three secondary distress criteria, one of which is a Brownfield designation. The Brownfield designation and significantly high level of distress classification are a direct match for FIRE’s stated prioritization of projects. The project also provides for the retention and/or creation of a high level of both temporary and permanent positions, also aligning with the CDE’s goals.
Total Project Costs $7,500,000
FIRE NMTC Allocation $7,000,000
NMTC Investor Us Bank CDC
Closing Date March 2010
FIRE welcomes requests for NMTC’s throughout the year as we work to maintain an active pipeline of viable and potential projects throughout the region.