The project is sponsored by Renaissance Faire II, LLC, a special entity created to help transform a former warehouse and storage building into an architectural space containing new high quality offices along with ancillary retail and warehouse space. It will add roughly 300 jobs and add over $20 million during the construction of its first phase.
The building location, on 60th Street just north of Greeneld Avenue, is a gateway to the City of West Allis. Presently, that gateway houses a windowless big box. The proposed facelift and achitecture will be a major statement intended to welcome residents, customers and visitors to a city that has made signi- cant strides in transforming their economy from the last century to the new one.
The redevelopment budget for the project is $16 million, which entails the complete interior and exterior rehab of the eastern portion of the building that was formerly home to a Sam’s Club. The work will also improve the site around the building including, but not limited to, the parking areas. The total rehabbed and new square footage totals 138,688, approximately 70,000 in new office space, 46,00 available for warehouse, and a new addition of 15,00 sq. ft of retail.
The project is located in a Browneld area and a FEMA declared disaster zone and is therefore considered highly distressed. Its location in a Browneld area is in direct alignment with CDE mission as is its high distress characterization. The project is projected to provide high levels of both temporary and permanent jobs. As designed the project will provide a new architectural gateway to the City of West Allis which is in direct alignment with the City’s plans and goals. In addition, the developer is willing to work with FIRE toward meeting a 20% hard-cost minority/emerging subcontractor goal. The project is therefore signicantly in alignment with FIRE’s goals and mission
Total Project Costs $16,000,000
FIRE NMTC Allocation $0
NMTC Investor US Bank CDC
Closing Date July 2012
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.