Fox Point-based real estate development firm General Capital Group is seeking a $3.2 million loan from the Milwaukee Economic Development Corp. for the 53,160-square-foot multi-tenant industrial building that it plans to build in the Century City Business Park. The total cost for the building development is estimated at $4 million.
The loan proposal will be reviewed Tuesday by the Loan and Finance Committee for the MEDC, which provides low-interest loans to support economic development in the city.
Century City is a City of Milwaukee redevelopment project for the eastern portion of the former A.O. Smith and Tower Automotive site south of Capitol Drive at North 31st Street. The city acquired the 87-acre site, located east of the Soo Line railroad tracks, in 2009 and has been preparing it for development ever since.
The building planned by General Capital Group would be the first new building in the Century City project. It is designed for up to six tenants, and divided into 8,860 square feet of space for each. The building will have 24-foot clear celing heights, 59-foot structural bays and borth at grade and full depth loading docks.
General Capital plans to build a second building at Century City, about the same size as the first building, once a significant amount of space is leased in the first building.