Milwaukee-based real estate development and investment firm
F Street plans to purchase a vacant West Allis church and redevelop the property with market rate housing.
The former St. Aloysius church at 1405 S. 92nd St. closed about four years ago, and the city had been working with West Allis-based
Cardinal Capital Management to redevelop the site, after Cardinal Capital purchased it in 2021 for $925,000.
However, according to a February letter of intent filed with the city, the Cardinal Capital entity that owns the site, CCM-Aloysius LLC, agreed to assign the rights to purchase the property to F Street for an undisclosed amount, which in turn will transfer the rights to the city of West Allis Community Development Authority for $860,000.
The city could also provide a $1 million loan to assist with demolition costs and tax incremental financing, according to city documents, though those will both need Common Council approval.
Subject to a successful April 14 closing, F Street will submit plans for a "class A" multifamily apartment project that could include around 150 units, though detailed plans haven't been shared publicly.
The project is expected to increase the site's assessed value to at least $28.88 million, city documents show.
Under F Street's current timeline, the firm could break ground on the project in September with 16 months of construction to follow.
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