Milwaukee Athletic Club project receives $9.5 million in historic tax credits

Award follows $11.1 million for MSO project

The Milwaukee Athletic Club building was constructed in 1917.

Last updated on July 3rd, 2019 at 07:11 pm

The rehabilitation project at the Milwaukee Athletic Club in downtown Milwaukee has been approved for $9.48 million in state historic preservation tax credits.

The Milwaukee Athletic Club building was constructed in 1917.

A group of investors, led by Milwaukee developers Josh Jeffers and Tony Janowiec, are planning to purchase and renovate the 100-year-old structure located at 758 N. Broadway, and re-lease a portion of it to the Milwaukee Athletic Club.

A 96-room hotel and a street-level restaurant is also planned.

The $47.4 million project will also receive a $5 million Property Assessed Clean Energy financing grant, which Jeffers has used to complete his previous projects.

The two-phase Milwaukee Athletic Club project is slated to begin in August, with an estimated completion date of summer 2020.

The developers plan to open a newly-branded hotel on floors eight through 12, completely redevelop floors eight and nine, and undertake medium-grade overhauls on floors 10 through 12. The MAC currently operates a hotel on a portion of the ninth and the 10th through 12th floors. Floors six through eight and part of the ninth floor are used for recreation.

This is the second-largest state historic preservation tax credit awarded to a downtown Milwaukee project.

In April, the Milwaukee Symphony Orchestra was awarded $11.1 million in state historic preservation tax credits for its redevelopment of the former Warner Grand Theatre building in downtown Milwaukee.

The MSO recently increased its fundraising target to $139 million for the project.

Sign up for BizTimes Daily Alerts

Stay up-to-date on the people, companies and issues that impact business in Milwaukee and Southeast Wisconsin

No posts to display