The city of Milwaukee could close out two tax incremental financing (TIF) districts this year, which would add about $36.5 million to its property tax base, according to the city’s annual TIF report.
For the TIF districts to be closed the Common Council must give its approval.
The city currently has 48 TIF districts, which have a total incremental property value of about $1.03 billion, up from $878 million last year. Last year the city closed out three TIF districts, adding $65.8 million to its tax base, and created three new TIF districts.
The incremental property value is the amount that the value of the properties in the TIF districts has increased since the districts were created. When a TIF district is created the property tax revenue that goes from properties in the district to local governments is frozen. The property tax revenue from the increased value of those properties (the increment) is used to pay for improvements in the TIF district. Once the improvements are paid for, the TIF district is closed and the tax revenue from the increased property value goes to the local governments.
The TIF districts that the city is set to close this year are: the Riverworks TIF district and the Historic King Place TIF district.
The Riverworks TIF district was created in 1994 to redevelop the 32-acre site of a former America Motors plant between Capitol Drive, Keefe Avenue, North Booth Street and North Palmer Street. The district was expanded in 2001 to add five more blighted sites. The TIF district has attracted retail development, including a Wal-Mart store, and some industrial development. Closing the Riverworks TIF district will add $34.3 million to the city’s tax base.
The Historic King Place TIF district was created in 1990 to convert the former Home Bank building and annex at North Dr. Martin Luther King Jr. Drive and West Garfield Street into 41 apartments for low and moderate income families, and 14,000 square feet of commercial space. The apartments have a high occupancy rate, but the commercial space has been largely vacant, according to the city. Closing the Historic King Place TIF district will add $2.2 million to the city’s tax base.
The city can look forward to a major tax base boost in 2010 when the Wilson Commons TIF district and the Erie/Jefferson Riverwalk TIF districts are scheduled to be closed, providing a $134 million boost to the tax base. The Erie/Jefferson Riverwalk TIF, created in 2004 to provide funding for street and riverwalk improvements, has $120 million in incremental property value. Several major developments have occurred within that TIF district including the Harbor Front, Hansen’s Landing and Marine Terminal Lofts condominium developments.
The city’s most successful TIF district is the Beerline B TIF district, which has helped attracted several residential developments to the Commerce Street area. That TIF district has $141 million in incremental property value, but is not scheduled to be closed until 2016.
Brown Deer
Wauwatosa-based Weas Development wants to build a four-story,
120-room Comfort Suites hotel, a 14,500-square-foot multi-tenant retail building and a 5,000-square-foot convenience store/gas station/car wash on a vacant 6-acre site at 9305-25 N. Green Bay Road. However, the proposal recently got a negative review by the village’s plan commission members, who said the gas station was inappropriate and expressed concerns about the strength of the area hotel market, the density of the plan and the traffic impact. Village officials expect Weas to seek tax incremental financing for its development for the site.
Pleasant Prairie
Milwaukee-based Towne Investments plans to build two more speculative industrial buildings in LakeView Corporate Park, on property along 107th Street and 82nd Avenue in Pleasant Prairie. A 82,000-square-foot building would be built on a five-acre parcel and a 51,500-square-foot building would be built on an adjacent 3.5-acre parcel. Towne Investments owns about 38 acres in LakeView Corporate Park and earlier this year completed construction of two other speculative industrial buildings, an 82,242-square-foot building and a 51,635-square-foot building. Hanover, Penn.-based Snyder’s of Hanover Inc. is leasing about one-third of the 51,625-square-foot building. The buildings are some of the more recent additions to the rapidly growing Kenosha area, which has boomed in recent years as urban sprawl from the Chicago area has spread north of the state line.
Franklin
Ryan Road Enterprises LLC plans to build a three-story, 56,760-square-foot commercial building on a vacant five-acre site at 4202-03 W. Oakwood Park Ct., just east of a Culver’s restaurant, in the Franklin Business Park. Sheboygan-based Community Bank & Trust will occupy about 6,500 square feet of space on the first floor. It will be the bank’s third location in the metro Milwaukee area. The others are in Glendale and Greenfield. The building will also have about 6,400 square feet of retail space on the first floor. The second and third floors will be office space.
Germantown
Wayzata, Minn.-based Cargill Inc. plans to build a 14,380-square-foot addition to its 56,056-square-foot plant at W194 N11411 McCormick Dr. in Germantown. The company will add six employees at the plant as part of the expansion. Cargill is an international provider of food, agricultural and risk management products and services and has 158,000 employees in 66 countries.
Developer David Kupser has submitted preliminary plans to build 9 single family homes and a commercial building on a 10-acre site at N112 W12675 Mequon Road.
West Bend
Wingate Commerce Center LLC plans to build a 19,630-square-foot multi-tenant industrial building and a 29,700-square-foot multi-tenant industrial building on a vacant five acre site at the northeast corner of Stockhausen Lane and Wingate Street in the Wingate Creek Business Center.
Greenfield
Cigno Family Dental Care plans to build a 3,900-square-foot, single-story dental office building at 7940 W. Layton Ave.
Kerwin Chiropractic Sports & Family Health plans to build a 6,800-square-foot, single-story office building in the 10500 block of Layton Avenue.
West Allis
Milwaukee Area Technical College broke ground recently for a 3,200-square-foot addition to its West Allis campus at 1200 S. 71st St. The $1 million project will include a science classroom, a computer lab and a large general classroom. It will be built in space that previously was used as a courtyard in the northeast section of the main building.
Sheboygan
American Orthodontics plans to build a 7,500-square-foot addition, with 3,000 square feet of office space and 4,500 square feet of storage space, onto its corporate headquarters at 1714 Cambridge Ave. The company, which manufactures orthodontic supplies, has 40 employees and plans to add another 10 to 12 after the addition is completed.
Muskego
Prototype Stamping LLC plans to build a 4,752-square-foot industrial building on a vacant lot on Gemini Drive. The company, which does sheet metal stampings, general machining and creates wood patterns, will have about 1-3 employees working at the facility.
Milwaukee
Milwaukee restaurateur Marc Bianchini recently opened Indulge, a wine room at 708 N. Milwaukee St. in downtown Milwaukee. Induge has 300 different wines, with 60 of them available by the glass. Indulge also serves artisan cheeses, chocolates and charcuterie. Bianchini also owns and operates Osteria del Mondo and Cubanitis, both in downtown Milwaukee.
Hales Corners
St. Francis-based TNS Transmissions, LLC plans to move to a 4,000-square-foot facility that it is building at 6115 S. 108th St. in Hales Corners. The project is expected to be complete on July 1.
Leases
CB Richard Ellis
Briggs & Stratton Corp. leased 100,000 square feet of space at 11100 W. Burleigh St., Wauwatosa, from HSA Commercial Real Estate.
Protiviti Inc. leased 4,083 square feet of office space at 250 E. Wisconsin Ave., Milwaukee, from East Milwaukee Operating Associates LP.
Emory & Company renewed its lease of 4,421 square feet of office space in the Loyalty Building at 611 N. Broadway, from Stonewater Historic Milwaukee LLC.
TOW of Wisconsin Inc. leased 6,635 square feet of space at N93 W14651-65 Whittaker Way, Menomonee Falls, from Muncie Riverside Associates LP.
Boelter Brands LLC leased 30,000 square feet of space at N24 W23750 Watertown Road, Pewaukee, from SOH Distribution Co. Inc.
Subway Real Estate Corp. leased 1,420 square feet of retail space at the northeast corner of North 60th Street and Capitol Drive in Milwaukee from Inland U.S. Management LLC.
Herslof’s Inc. leased 1,200 square feet of retail space at 3556 S. Moorland Road, New Berlin, from New Berlin Associates.
Sunrise-Sunset Store Three LLC leased 2,700 square feet of retail space at 1279 Capitol Dr., Pewaukee, from S&L Holding LLC.
American Home Patient leased 1,115 square feet of office space at 2603 W. Rawson Ave., Oak Creek, from Oak Creek Medical Offices LLC.
The Sleep Wellness Institute Inc. leased 1,622 square feet of retail space at 7017 S. 27th St.,, Franklin, from Bouraxis Properties (Riverwood Plaza) LLC.
Cousins Submarines Inc. leased 1,775 square feet of retail space at 6810 W. State St., Wauwatosa, from Metropolitan Venture.
The Barbers, Hairstyling for Men and Women Inc. leased 1,583 square feet of retail space at 5318 S. 27th St., Milwaukee, from Loretta Kleczka.
Phat Cuts leased 1,500 square feet of retail space at 8329 W. Appleton Ave., Milwaukee, from R&D Point Plaza LLC.
L-J In’Hair’itance LLC leased 1,250 square feet of space at the northwest corner of Highway 31 and Highway 20 in Mt. Pleasant from Mt. Pleasant Investors LLC.
The Funky Frog LLC leased 1,600 square feet of retail space at 6239-41 S. 27th St., Greenfield, from Suburban Centers of Wisconsin.
Colliers Barry
Emory & Company renewed its lease of 4,421 square feet of office space in the Loyalty Building at 611 N. Broadway, from Stonewater Historic Milwaukee LLC.
Conklin Real Estate Services
Neumann Financial Group LLC, of the Northwestern Mutual Financial Network, leased 6,994 square feet of space at 20300 Water Tower Blvd., Brookfield, from Janesville Associates LLP. Neumann Financial Group will move to the building from 330 S. Executive Dr. in Brookfield.
Grubb & Ellis|Apex Commercial
Prolitec Inc. leased 24,095 square feet of industrial space at 1335 W. Canal St., Milwaukee, from Ziegler/Bence Partners 5 LLC.
Total Mortgage Inc. leased 1,792 square feet of office space at 1126 S. 70th St., Milwaukee, from 1126 West Allis Operating Associates.
McKennedy Marketing leased 1,254 square feet of office space at 19275 W. Capitol Dr., Brookfield, from V.K. Development Corp.
Siegel-Gallagher
Merrill Lynch leased 4,304 square feet of office space at 1500 W. Market St., Mequon, from Lakeside Development Company.
NAI MLG Commercial
Rehabclinics (Galaxy) Inc./NovaCare Occupational Health Services Inc. leased 2,335 square feet of office space in the Loomis Professional Office Building at 4600 W. Loomis Road, Greenfield, from 4600 West Loomis LLC.
Star Line Trucking Corp. leased 5,216 square feet of space at 2600-60 S. 162nd St., New Berlin, from WDC/TNBC Ltd. Partnership.
Lunda Construction Company leased 1,070 square feet of office space at 1300 S. Calhoun Road, Brookfield, from Curt Klade.
Natural High Sports Supplements, Vitamins & Herbs Inc., leased 37,500 square feet of space at 2440 W. Corporate Preserve Dr., Oak Creek, from Liberty Property Limited Partnership.
Sales
Colliers Barry
Woodmill Products Inc. purchased a 16,250-square-foot industrial space at 3060-68 S. Calhoun Road, New Berlin, from 3000-3080 South Calhoun Road LLC.
SBJ Resch Family Partnership purchased the 26,000-square-foot industrial building at 300 Sussex St., Pewaukee, from Maxem I LLC.
McMak Three LLC purchased the 66,000-square-foot industrial building at 840 Walworth, from Park Bank. The property will be leased to U.S. Packaging LLC.
Henax LLC purchased the 15,000-square-foot office building at 3490 N. 127th St., Brookfield, from
Zelm Realty Co.
LAH Properties LLC purchased the 4,632-square-foot, two-story office building at N9 W24198 Bluemound Road, Pewaukee, from The Heartstone Group LLC.
Dunne Commercial Properties
FPOC (Timothy Dunne and Curt Kandel) purchased the 23,080-square-foot Menomonee Falls Professional Office Center at N89 W16785 Appleton Ave., Menomonee Falls, from Jim Clark for $1.55 million.
TFW Group LLC purchased the 56,474-square-foot Brookmound Plaza at 17800 W. Bluemound Road, Brookfield, from Brookmound Plaza LLC for $9 million.
LAH Properties LLC purchased 18,000 square feet at N9 W24198 Bluemound Road, Waukesha, from The Heartstone Group LLC for $427,000.
NAI MLG Commercial
Heaven Dragon LLC purchased a 3,292-square-foot building at 1664 N. Van Buren St., Milwaukee.
Mickelson Investments LLP purchased 1.6 acres at the northeast corner of Woody Lane and Tamarack Court in Ixonia, from Timberland Investments LLC.
New construction
Waukesha-based Gerald Nell Inc. was selected by MTE Corp. to design and renovate 25,000 square feet of manufacturing and office space at N83 W13330 Leon Road, Menomonee Falls.
West Allis-based Triad Construction Inc. recently completed the 4,500-square-foot interior renovation of the attorney offices of Cannon & Dunphy S.C. in Brookfield. Triad also recently completed the millwork installation for the McCormick & Schmick restaurant in Wauwatosa. The firm is currently working on a 12,000-square-foot renovation and 1,200-square-foot addition to the Brookfield City Hall.
New Berlin-based Anderson Ashton Inc. was hired recently by Trinity Evangelical Lutheran Church and School, 7900 S. Nicholson Road, Caledonia, to design and build a 20,400-square-foot school addition.
MEDC Loans
Joe Gross Properties LLC received a $144,800 MEDC loan to provide funding to purchase a 6,000-square-foot building at 8739 W. Lynx Ave., Milwaukee. The building will be used for Building & Landscape Services Inc.
Daniel Zelonky received a $40,000 MEDC loan to provide funding to purchase a 2,562-square-foot building at 1031-33 W. National Ave., Milwaukee. Zelonky will live in the upstairs apartment and use the first floor retail space for a recording studio and sound mixing space.
Simon Landscape Company Inc. received a $105,000 MEDC loan to purchase a 12,156-square-foot building on a one-acre lot at 4121 S. 6th St.
