Developer Joshua Jeffers, the owner of Milwaukee-based J. Jeffers & Co. LLC, is seeking a $250,000 loan from the Milwaukee Economic Development Corp. to renovate a 6,300-square-foot historic retail building at 6505-19 W. North Ave. in Wauwatosa.
The total cost of the project is $900,000. The primary lender for the project is Cornerstone Community Bank. Jeffers said he is also getting a $90,000 loan from the city of Wauwatosa, a $250,000 loan from Milwaukee County, and he hopes to get $150,000 in state and federal historic preservation tax credits for the project.
The building was constructed in the 1920s.
East Tosa Guitar occupies 1,100 square feet of space in the building, Rosencutter Ultra Fitness and Performance recently opened in a 1,800-square-foot space and Hue, a Vietnamese restaurant in Bay View, plans to open a second location in a 3,400-square-foot space in the building.
Hue will be the latest of several new restaurants that have opened on North Avenue in Wauwatosa in recent years.
“There’s definitely a lot of good things happing in East Tosa,” Jeffers aid. “We were attracted to that. They’re doing a good job over there. It’s nice to see a neighborhood revitalization initiative that is actually working.”
The MEDC Loan and Finance Committee will consider Jeffers’ loan request during its meeting on Tuesday.