Opus Development Company LLC and Mercy Housing Lakefront have teamed up to propose a mixed-use development with office space, retail space, residential units and structured parking on a 2.3-acre site in the Park East corridor.
The site is owned by Milwaukee County and is located between North Milwaukee Street, North Water Street, North Broadway and East Ogden Avenue.
County officials issued a request for development proposals for the site and are recommending the Opus and Mercy proposal to the full County Board for review.
Details of the project will be released after county supervisors have had a chance to review them, said Milwaukee County Economic Development Director Teig Whaley-Smith.
Under the proposed deal Opus and Mercy would purchase the site from the county for $2.5 million. They have agreed to mee the prevailing wage and disadvantaged business enterprise (DBE) requirements of the county’s Park East Redevelopment Compact (PERC). The project will create 100 full time construction jobs and 100 full time permanent jobs, according to Opus and Mercy, and the development will contribute $750,000 to $1 million in annual property tax revenue.