MILWAUKEE-Gov. Scott Walker recently launched the Transform Milwaukee project, which will include $100 million in incentives to attract business and redevelop vacant properties. However, Mayor Tom Barrett, who is vying to run against Walker in the next election, has said the move was more political than a desire to help the city.
The initiative will focus on an industrial, residential and transportation corridor connecting the Century City site, the 30th Street industrial corridor, the Menomonee Valley, the port of Milwaukee and General Mitchell Airport. The five issues addressed by the initiative include the support of business development for more jobs, removal of vacant houses, the preparation of vacant industrial properties, create bioswales to prevent flooding and work to boost intermodal uses.
Walker said the $100 million for rebuilding Milwaukee is one of the state’s largest economic development commitments, but the investment is worth it. “The state of Wisconsin will benefit through increased economic activity and decreased demand for unemployment and social services resources in the state’s largest city,” he said in a statement.
The Wisconsin Housing and Economic Development Authority will build a team of public and private partners to implement the initiative, Walker said. The authority has committed $100 million for the work for the next two years, in the form of federal tax credits, business development loans, workforce housing financing, residential mortgage loans and vacant property remediation grants, enough to generate $200 million of overall development.
Mayor Barrett has said he doubts Walker’s generosity. Barrett is running against three other democrats to challenge Walker in the next governor race. Milwaukee has been ignored by the state when it comes to jobs, Barrett reportedly said.
Barrett may have a point. The city has suffered significantly with job loss, and even with a 1.5% job growth, there’s less than 1,000 new office jobs expected this year, according to a 2012 Marcus & Millichap report. The downtown has a vacancy of about 18.6%, and projects such as Washington Square office tower has suffered due to tenants bowing out.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
