Moderne groundbreaking pushed back to February

Utility work by Wisconsin Energy Corp. at the site of The Moderne development will take another 6 weeks, pushing the groundbreaking for the 30-story development into February, said the project’s developer Rick Barrett.

Barrett originally hoped to break ground on the project by the end of 2009, but more time was needed to close on the financing deal and to complete the utility work.

It will take about 2 years to build the tower, which will be located at the southwest corner of Juneau Avenue and Old World Third Street in the Park East corridor in downtown Milwaukee

The building will have 203 apartments, 14 condominiums and first floor retail space.

The general contractor for the project is J.H. Findorff & Son Inc.

The $55.24 million project has a $41.4 million loan from the AFL-CIO Investment Trust, which will be serviced by Capmark Financial Group and is guaranteed by the U.S. Department of Housing and Urban Development (HUD)’s 221(d)4 program. The project also received a $9.3 million loan from the City of Milwaukee.

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