The project involves the construction of two new industrial buildings encompassing 120,000 square feet at a Browneld site in a highly distressed West Allis Community. One of the buildings will consist of a 70,000 square foot industrial complex and is expected to be occupied by one of the nation’s largest wholesale distributors of residential and commercial plumbing supplies and pipe, values and ttings (PVF). The adjacent 50,000 square foot building is expected to house two to three tenants. While the tenants for the 50,000 square foot building have not yet committed to leasing the space, the developer is in discussion with additional manufacturing companies to lease the space.
The $14 million allocation request will be used for the construction of the building and will allow Wangard Partners, Inc. (“Wangard”) the ability to move forward with the project and oer lease rates that will incentivize the PVF Company and other tenants to enter into long-term leases at the location. The project’s reuse of a currently vacant Browneld site, the removal of blight from this highly visible area in the community, the creation of jobs, and the generation of tax revenue for the city provide high levels of impact for the City of West Allis. Based on IMPLAN econometric software, the construction of this project is expected to create 65 full-time temporary jobs. The project is also estimated to create approximately 218 full time direct jobs in the community of which 164 are expected to be available to low-income persons based on educational attainment requirements. The removal of blight and construction of industrial space is expected to act as a catalyst for future growth in West Allis.
First-Ring Industrial Redevelopment Enterprise’s (FIRE) emphasis on blighted property in Browneld areas having multiple distress criteria aligns well with this project. In addition, the sustainment and growth of quality jobs (jobs at higher wages with benets), along with the fact that many of these jobs will go to low-income residents and will include benets and be of a living wage, aligns with FIRE mission and values. Based on the criteria, the project appears to be consistent with the CDE’s mission as outlined in its 2009 allocation application.
Total Project Costs $14,280,000
FIRE NMTC Allocation $0
Closing Date September 2014
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.