Construction of a Ponderosa Steak House on Dr. Martin Luther King Jr. Drive in Milwaukee is expected to begin in May.
A Milwaukee firm that intends to bring franchised businesses to under-served neighborhoods of the city, including the Ponderosa Steak House King Drive, has garnered an additional $100,000 loan to advance its efforts.
Great Wealth, LLC, will receive the financing from the state’s Minority Business Development Fund.
The company was established in 1999 by the Martin Luther King Economic Development Corp. It will use its loan to develop, own and operate a 6,400-square-foot Ponderosa Steak House franchise at 2730 N. Dr. Martin Luther King Jr. Dr.
The site, between Center and Hadley streets across from the Ameritech Enterprise Center, is now a vacant lot.
“I don’t see any impediments at this point,” said Ben Johnson of the development corporation. The spring groundbreaking should allow for a fall opening of the restaurant, he noted.
Great Wealth is made up of the development corporation and Milwaukee businesswoman Stella Love.
The Milwaukee Economic Development Corp. in February approved a $500,000 loan for the $1.75 million project, which is projected to create 24 full- and part-time jobs.
Financing will also come through Legacy Bank in Milwaukee. Final approval of a U.S. Small Business Administration loan guarantee through that bank was being awaited as of mid-April, but Johnson said the approval was expected.
The neighborhood has seen considerable redevelopment in the past several years, with both local and national retailers setting up shop. A study of the neighborhood several years ago showed the demand for a full-service, sit-down restaurant such as the Ponderosa.
