Completed Projects
Project Eagleknit
The Project:
Wangard Partners, Inc. pursued a New Market Tax Credit NMTC allocation to finance the redevelopment of the historic Eagle Knitting Mills building located at 507 S. 2nd Street, Milwaukee, WI into a 107,000 mixed use development (the “Project”). The Project utilized NMTC, PACE, Opportunity Funds, and Historic Tax Credits to transform the facility into a low-cost office space, health and wellness, and neighborhood retail service development. The Project was a catalytic development that spurred additional investment in the area. Upon stabilization, the Project has created jobs,
incubation and learning space, encouraged an active and safe, walkable neighborhood, and added retail and amenities to the community.
Upon completion, the new facility is a collaborative innovation ecosystem of STEM-related industries focused on bridging Milwaukee’s gap of inequality, segregation, income disparity, and inclusion.
Total Project Costs $7,500,000
FIRE NMTC Allocation $7,500,000
NMTC Investor US Bank CDC
Closing Date December 2019
Distress Criteria
Community Impacts
Jobs:
The project created 332 full-time permanent jobs through the tenants of the facility, all of which are quality and 55% are LIP accessible. Additionally, the project created 81 temporary construction jobs.
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.