The WHEDA announced that two separate new markets tax credits allocations totaling $15 million will be provided for the 901-space parking structure that Joseph Zilber is building in the former Pabst brewery complex.
Zilber Ltd. founder Joseph Zilber‘s redevelopment project for the former Pabst brewery complex in downtown Milwaukee continues to make progress. The Wisconsin Housing and Economic Development Authority (WHEDA) announced that two separate new markets tax credits allocations totaling $15 million will be provided for the 901-space parking structure that Zilber is building in the complex. Zilber is redeveloping the complex into a mixed-use urban neighborhood called The Brewery.
Construction of the parking structure will cost $16.4 million. It will be located northwest of West Juneau Avenue and North 9th Street. Construction began in November and is expected to be complete by the fall of 2009. The structure will have 8,000 square feet of street level retail space. The parking structure project is expected to create 23 permanent jobs and 100 construction jobs.
"This structure has been a collaborative effort that will create jobs and provide opportunities to rebuild a critical urban neighborhood," Zilber said.
The Wisconsin Community Development Legacy Fund (WCDLF) is providing $10 million in new markets tax credits for the parking structure. WCDLF is a nonprofit organization formed by WHEDA, Legacy Bancorp and Impact 7.
First Ring Industrial Redevelopment Enterprises (FIRE) is providing $5 million in new markets tax credits for the parking structure. FIRE is a community development entity based in West Allis that was awarded tax credits to target mixed-use, commercial and industrial redevelopment in urban cores in southeastern Wisconsin.
