U.S. Bank and First-Ring Industrial Redevelopment Enterprise Inc. announced that they have closed on nearly $2 million in financing for the 100-room Hampton Inn and Suites hotel project at 8201 W. Greenfield Ave. in West Allis near Wisconsin State Fair Park.
Wisconsin Dells-based Stand Rock Hospitality will oversee the development and operation of the hotel. Construction is expected to be complete by September 2015.
U.S. Bancorp Community Development Corp. (USBCDC), the community development subsidiary of U.S. Bank, invested $1.9 million in equity raised from federal New Markets Tax Credits in the $14.2 million project. The federal credits were allocated to First-Ring Industrial Redevelopment Enterprise Inc. (FIRE), a community development enterprise formed by the city of West Allis in 2007.
“The Wisconsin State Fair is a premier event that needed an adjacent hotel to accommodate guests and also to spark additional economic development,” said Bill Bertha, market president of U.S. Bank in Milwaukee. “We believe the hotel will improve the city’s chances of attracting additional meetings, which will spark development around the fairgrounds.”
The build-out will generate nearly 150 construction jobs, and the hotel will provide more than 100 permanent jobs. Horizon Construction Group is the general contractor and Plunkett Raysich Architects LLC is the architectural firm.
“West Allis’ comprehensive plan is focused on converting blighted properties such as this one into productive real estate and businesses,” said John F. Stibal, president of FIRE and director of development for the city of West Allis. “This hotel is a strong step forward to meeting our redevelopment goals.”