Ferguson Enterprises, a distributor of residential and commercial plumbing supplies, has signed a lease to occupy a 72,000-square-foot building that Wauwatosa-based Wangard Partners Inc. plans to build at the former Yellow Freight trucking site at 11406 and 11528 W. Rogers St. in West Allis.
The West Allis location will complement Ferguson’s more than 1,350 branches throughout the country, while focusing on serving customers in southeastern Wisconsin.
Wangard also plans to build a 50,000-square-foot speculative industrial building on the 9.6-acre site. Several potential tenants are interested in space in the building, according to Wangard Partners.
Construction of the two buildings, a $14 million development, is expected to begin this fall and be complete in the spring of 2015.
“The former Yellow Freight trucking site provided us with the opportunity to accomplish improvement, while also creating an industrial corridor that will meet the city’s needs as well as promote economic development,” said Stewart Wangard, chief executive officer of Wangard Partners Inc. “With Ferguson locating within the larger building on the site, it will spur additional attentiveness to and further development of the area.”
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. Other funding sources for the project’s financing package include PNC Bank, PyraMax Bank, the Wisconsin Housing Economic and Development Authority (WHEDA) and the EPA, according to West Allis Mayor Dan Devine.
“The City of West Allis is pleased that Wangard Partners has successfully closed the financial package for the properties at 116th and Rogers,” he said. “This important step will start the process to transform an important area of the city with a modern $14 million development that adds new tax base, creates jobs, and provides the quality we are looking for in our community.”
Wangard Partners structured contributions towards West Allis-based organizations as part of the New Market Tax Credit program. The Little League of West Allis is getting $50,000 and the West Allis Community Improvement Foundation Inc. is getting $20,000.