The UWM Real Estate Foundatin Inc. is receiving a $800,000 grant to redevelop a former gas station property into a 700-bed student residence hall.
The UWM Real Estate Foundatin Inc. is receiving a $800,000 blight elimination and brownfield redevelopment grant from the state Department of Commerce to redevelop a former gas station property at 1436 E. North Ave., Milwaukee, into a 700-bed student residence hall.
“Brownfield grants help renew damaged or vacant land and provide communities with opportunities for additional reinvestment,” Governor Jim Doyle said. “I’m pleased that we could help the UWM Real Estate Foundation, Inc. increase the number of dormitory rooms available to UW-Milwaukee students.”
The new facility will require an investment of $50 million and over $900,000 will be spent on remediating the site.
“This is an extremely important project for UW-Milwaukee and for the City of Milwaukee,” said Phil Aiello, UWM Real Estate Foundation board member. “We are very pleased and grateful that the Department of Commerce is able to provide us with this level of assistance. It is a critical component of the project financing.”