A proposed redevelopment project for the Posner Building, located at 152 W. Wisconsin Ave. in downtown Milwaukee, would create 105 apartments and “extensive retail space,” according to an announcement from the City of Milwaukee.
The seven-story, 106-year-old building located at the corner of Wisconsin and Plankinton avenues is best known as the home of the downtown location for Mo’s Irish Pub, but the upper floors have been vacant for years.
HKS Holdings LLC is the developer for the redevelopment project. The Wisconsin Housing and Economic Development Authority (WHEDA) will provide $13.75 million in financing. City officials plan to provide up to $2.5 million in tax incremental financing for the project. The TIF funds will be paid up front by the developer and later reimbursed from increased property tax revenues.
Previous plans by “Johnny V” Vassllo, owner of Mo’s Irish Pub, to redevelop the building never came to fruition.
“I am pleased the Posner Building will again be a vital part of West Wisconsin Avenue,” Mayor Tom Barrett said. “A lot of good work is underway to strengthen this part of Milwaukee’s downtown. Additional residential development and more street-facing retail are certainly part of Wisconsin Avenue’s future.”
