Last updated on March 17th, 2020 at 01:32 pm
The developers planning to redevelop Milwaukee Public Library’s Martin Luther King Library branch into a mixed-use project are seeking a $1.5 million loan from the Milwaukee Economic Development Corp.
Milwaukee-based Young Development Group LLC, in partnership with Fox Point-based General Capital Group, is planning to demolish the existing library branch at 310 W. Locust St. In its place, the developers would put up a four-story building that includes a new 18,000-square-foot library branch on the first floor and middle-income housing on the upper floors, according to MEDC documents.
Additionally, the team will construct a five-story apartment building next door, at the northwest corner of Locust Street and Martin Luther King Jr. Drive. They are also planning to restore the former Garfield Theater building at 2933-2957 N. Martin Luther King Jr. Drive.
According to the MEDC documents, the $1.5 million would make up about 5% of the overall funding sources on the roughly $30.4 million project. The loan would have a term of 18 years at a rate of 5.75%.
MEDC’s Loan Committee was scheduled to take up the loan request on Wednesday morning.
The developers will also seek affordable housing tax credits through the Wisconsin Housing and Economic Development Authority.
General Capital Group was just recently named a co-developer on the project. The Library Board of Trustees in November approved the partnership between the firm and Young Development.
Young Development partnered with Milwaukee-based Haywood Group LLC on the project.
The project was first selected by the Library Board in December 2016.