A group formed by the Metropolitan Milwaukee Association of Commerce to help revitalize the West Wisconsin Avenue corridor downtown is seeking a $1 million loan from the Milwaukee Economic Development Corporation following the purchase this summer of a two-story building.
[caption id="attachment_148957" align="alignright" width="344"] 200-208 W. Wisconsin Ave.[/caption]
Redo One LLC, a sister company of WAM DC, LLC and an affiliate of the Milwaukee Development Corp. purchased the 20,450-square-foot building at 200-208 W. Wisconsin Ave. in July for $1.9 million from 200 Wisconsin LLC.
Stephen Chernof, president of Redo One, said $750,000 of the loan would be used to reimburse a portion of the purchase price. The remainder of the loan would be used in an interest reserve fun and for repairs and maintenance to the building.
The building, on the corner of North 2nd Street and West Wisconsin Avenue, is partially occupied by Kiku Japanese restaurant.
Chernof said there are no specific plans at this time for the property, but when it became available the group wanted to make sure it ended up in the right hands.
The MEDC loan and finance committee will vote tomorrow on the loan request.