Wauwatosa-based real estate development firm Wangard Partners Inc. plans to build a two-building, $14 million industrial space development on the former Yellow Freight Truck terminal sites at 11525 and 11406 W. Rogers St. in West Allis.
The proposal includes a 72,000 square foot building for an undisclosed tenant and a 50,000 square foot flex space industrial building that will be built on speculation.
Wangard Partners plans to start construction in fall 2014 with completion by spring 2015.
“West Allis is seeing a demand for quality industrial space and Wangard Partners’ proposal will offer an attractive, central location opportunity to meet the market demand,” said Ald. Thomas Lajsic, Common Council president.
The city has approved selling Wangard Partners the property for $845,000. The purchase price includes funds to underwrite the city’s demolition and environmental expenses. The city has completed demolition of the site in preparation of construction.
The project is expected to close on financing by September. West Allis’ community development regional entity, First-Ring Industrial Redevelopment Enterprise Inc. (FIRE) has approved a $14 million New Market Tax Credit allocation to Wangard for the project. The tax credit allocation would provide approximately $3 million in equity financing to this project. In addition, the city has offered up to a $500,000 loan from the City of West Allis Revolving Loan Fund.
