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