Milwaukee apartment project could receive $ 1.5 million public loan
An upscale apartment development slated for Milwaukee’s Port District would receive a $ 1.5 million public loan as part of a new proposal pending before city officials.
The loan, from the Milwaukee Redevelopment Authority’s Brownfield Revolver Loan Fund, would benefit Admiral’s Wharf, which is scheduled at 234 S. Water St.
The $ 51 million project includes an 11-story building with 133 apartments, an office floor and parking lot overlooking the Milwaukee River.
It received zoning approval from the Planning Commission and the Common Council in the fall of 2019.
But developer Ryan Bedford delayed the start of construction this spring after the COVID-19 pandemic caused unemployment to spike.
Bedford, which operates Waukesha-based Bedford Development LLC, declined to comment on the project’s timeline.
“At the moment we are trying to put the final pieces of the project together, but we would like to keep project updates to a minimum until we are 100% secure,” he said.
A new proposal calls for the Redevelopment Authority’s loan fund to provide $ 1.5 million to help with the environmental clean-up of the site.
This revolving loan fund is funded by grants totaling $ 10.2 million from the US Environmental Protection Agency.
The authority’s board is due to review the proposed loan at its Thursday meeting.
The old industrial property exhibits both soil and groundwater contamination that requires cleaning, according to the proposal.
The $ 1.5 million clean-up loan “could help ensure the project’s feasibility,” according to the proposal.
Monthly rents at Admiral’s Wharf would be around $ 2.20 per square foot, with units ranging from about 650 square feet to 1,500 square feet. That would mean rents starting at around $ 1,400 for studio units.