The Northwest Side Community Development Corporation said that it has closed on a $628,750 loan to Jonco Industries, which plans to redevelop the former Eaton Corp. building at 4201 N. 27th St. in Milwaukee.
The newly named "Century City Tower" has four new tenants: the Northwest Side CDC, the Wisconsin Energy Research Consortium, ATMAN Management Systems Specialists, and the new consolidated office of employment agency, Maximus.
"We are elated to close on this loan and move forward with additional redevelopment plans for the neighborhood" said Howard Snyder, executive director of the NWSCDC.
The seven-story, 184,309 square-foot tower was the former home of the Milwaukee operations of Eaton, which left for a new building in Menomonee Falls in November.
"The imaginative re-use of the old Eaton building will be a major catalyst for new investment and job creation in and around the Century City (the former A.O. Smith and Tower Automotive site) and 30th Street Corridor areas," said Sam McGovern-Rowen, director of NWSCDC's CDFI Fund.