Woohoo! Another Milwaukee Thread that starts off with one of my photos. Thanks hydrogen! I'm honored.
Development news related though, here's an article from today's paper:
A proposal for $3 million in city financing for the planned redevelopment of one of downtown Milwaukee's older office buildings was rejected today by a Common Council committee, raising doubts about the future of the $23 million project.
The Zoning, Neighborhoods and Development Committee voted 3-2 to reject the financing plan. The city funds would help finance renovations at a 295,000-square-foot office building at 735 N. Water St. and repairs to a neighboring riverwalk. Compass Properties LLC plans to make improvements to the building, and convert an adjacent 80,000-square-foot building, at 731 N. Water St., into condominiums and a parking structure.
The 16-story building at 735 N. Water St. was completed in 1913 as the headquarters for First Wisconsin National Bank. That building is leased to office tenants, including PrivateBank and Trust Co. The eight-story building at 731 N. Water St., built in 1962 as an annex to the First Wisconsin building, has been vacant for more than 15 years.
Compass wants to convert the entire ground floor and the eastern half of the upper floors at 731 N. Water into a parking structure for 735 N. Water tenants. That building has a 41% vacancy rate, and has lost tenants in recent years to newer office buildings. The western half of 731 N. Water, which overlooks the Milwaukee River, would be converted into seven condos.
Committee members praised the project. But they also said that approving city financing could set a precedent for owners of other historic downtown office buildings to seek similar assistance.
