Loans approved for Milwaukee Journal Sentinel site redevelopment
The redevelopment of the old Milwaukee Journal Sentinel buildings into housing is receiving additional public funding.
Two loans, totaling $ 1.7 million for the $ 58 million project, were approved Thursday by the Milwaukee Redevelopment Authority.
The money is provided through the authority’s revolving loan fund for environmental cleanup related to business developments.
The loan fund is funded by grants from the US Environmental Protection Agency.
The money will be used to fund activities such as the removal of asbestos and lead paint, as well as pollutants in soil and groundwater, at the downtown site.
The loans are made to two separate partnerships which are each affiliated with the project developer, J. Jeffers & Co.
A $ 700,000 loan will help fund environmental clean-up work at the former Journal Sentinel main building at 333 W. State St.
This six-story Art Deco building will become Journal Square Lofts, with 116 apartments and approximately 8,800 square feet of street-level retail space.
This project is budgeted at $ 28 million. These apartments are to be completed by October 2021.
In addition, a $ 1 million loan will help finance environmental clean-up work on the main building extension at 925 N. Old World Third St.
This building is being converted into 77 apartments for 189 students at Milwaukee Area Technical College.
These apartments must open by the start of the 2021-’22 school year. It’s a $ 30 million project.
City council in July approved a proposal from Mayor Tom Barrett’s administration to provide $ 1 million for the development of Journal Square from its new property tax revenues.
These funds will be provided through annual payments to J. Jeffers & Co. over 10 years.
The company purchased the Journal Sentinel buildings in October 2019 for $ 8 million from the journal’s owner, Gannett Co.
Journal Sentinel will relocate its approximately 250 employees to the 330 Kilbourn office complex, 330 E. Kilbourn Ave.
North side plan approved
The authority also approved a loan of $ 750,000 on Thursday for an environmental clean-up at The Community Within The Corridor.
The $ 59 million project will redevelop approximately 7 acres bordered by West Center, West Hadley and North 33rd streets and the Union Pacific railroad tracks. It was once the home of Briggs & Stratton Corp.
Six buildings, from one to three storeys and totaling 380,000 square feet, will be converted into 197 apartments, 23,000 square feet of commercial space and 40,000 square feet of recreational and community space.
The funding includes the city’s $ 3.15 million in cash provided through annual payments of new development land tax revenues for approximately 20 years. City council and Mayor Barrett approved the plan in July.
The community down the hall is being developed by Que El-Amin, who operates Scott Crawford Inc., and Brian Roers, co-owner of Roers Cos., One of the largest development companies in the Minneapolis area.
Renovations are due to start by the end of the year, with the first batch of apartments ready by spring 2022.