Jackson Street Management LLC, the development group that plans to build a 200-room, $54 million Marriott hotel in downtown Milwaukee, announced today that it has closed on the purchase of the property for the project. Groundbreaking for the hotel, which will be built around the Johnson Bank building southwest of Milwaukee Street and Wisconsin Avenue, is expected by the end of the year.
“This is another significant step forward,” said Ed Carow, managing partner for Jackson Street Management. “We have approval from the city, a signed Marriott franchise agreement, a nationally renowned management company, a strong financial partner and now, full ownership of the property.”
The transaction involved the buildings at 310-25 E. Wisconsin Ave., 327 E. Wisconsin Ave., 625 N. Milwaukee St., 627 N. Milwaukee St. and 629-31 N. Milwaukee St. The sale price was not disclosed. Those buildings will be demolished, except for part of the buildings also Wisconsin Avenue, including the Wisconsin Avenue façades, which will be preserved and restored.
Financing was provided through FirstPathway Partners, a Milwaukee firm operating under the federal EB5 program, which allows foreign nationals who make investments that create jobs in the United States to obtain green cards. EB5 funding sources and new markets tax credits will be used to finance the development of the hotel.
“The downtown Marriott will be a terrific addition to metro Milwaukee, creating good jobs, adding millions to the local tax base and making downtown a more vibrant, exciting place for residents and visitors alike, said Bob Kraft, chairman and chief executive officer of FirstPathway Partners.
Jackson Street Management is in the process of finalizing the process of assembling the financing, said spokesman Evan Zeppos.
“We wouldn’t have bought the property if we weren’t prepared to build,” Zeppos said. “We’re going to build this thing.”