U.S. Bank plans to build a taller, narrower parking structure to replace its existing structure.
Minneapolis-based U.S. Bancorp is seeking tax exempt bonds through the city of Milwaukee’s Redevelopment Authority to replace the parking structure for the U.S. Bank Center at 777 E. Wisconsin Ave. in downtown Milwaukee.
The three-story parking structure, located immediately south of the 42-story U.S. Bank Center, will be demolished and replaced with a 7.5-level structure with 896 parking spaces. One level of the parking structure will be under ground. The cost of the project is $19 million.
The Redevelopment Authority will consider the request for tax exempt bonds for the project during its meeting on Thursday.
The parking structure needs to be replaced because it is deteriorating, according to U.S. Bancorp. Vehicles are no longer permitted to park on top of the structure, because of the deterioration.
The new parking structure will be taller and narrower than the existing structure, so its footprint will be considerably smaller than the existing structure. That will open up some land on the block that could be used for a future development.
U.S. Bank hired Brookfield-based Hammes Co. to help create a redevelopment plan for the parking structure property.
Representatives for U.S. Bank and Hammes could not be reached for comment.