Completed Projects
Project 70th Street Hotel
The Project:
Cobalt Partners, LLC received $19 million of New Markets Tax Credit allocation to finance the environmental remediation, construction, equipment and operating capital necessary to support a new Home2Suites by Hilton hotel in West Allis. The extended stay hotel features 128 guestroom units, complimentary continental breakfast, market pantry, front desk area and lobby), fitness and activity center, and indoor swimming pool. The Project is located in the southeast quadrant of South 70th Street and Washington Streets and was part of a master planned redevelopment that includes the former Allis Chalmers Building, West Allis/West Milwaukee School District Building
Total Project Costs $0
FIRE NMTC Allocation $19,000,000
NMTC Investor Waukesha State Bank
Closing Date October 2021
Distress Criteria
Community Impacts
Jobs:
The project created 47 permanent jobs, with 95% are available to low-income persons (LIP) based on educational attainment requirements. Also, 54 temporary construction jobs were created.
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.