MILWAUKEE--(BUSINESS WIRE)--U.S. Bank is investing $7.2 million to build Freshwater Plaza, the future home of a Cermak Fresh Market grocery store, retailers and apartments in Walker’s Point.
U.S. Bank provided $7.2 million in equity raised by federal New Markets Tax Credits to build the 110,000-square-foot development on eight acres at the corner of South First Street and East Greenfield Avenue. The construction cost of initial phase is $28.8 million
“Freshwater Plaza will be a wonderful economic catalyst to Walker’s Point and beyond. Between the housing, fresh food store and retailers, the development will provide jobs and tax revenue in an area that has seen little investment activity,” Steve Kramer, senior vice president of U.S. Bancorp Community Development Corporation, which provided the tax credit financing.
Freshwater Plaza is expected to produce 320 construction jobs and 180 permanent jobs.
The development will have 76 apartments, including 20 percent to be set aside for lower-income tenants.
“We expect Freshwater Plaza to spur more area improvements and help attract more workers,” said John Stibal, president of First Ring Industrial Redevelopment Enterprise Inc., which contributed the New Markets Tax Credits to the project along with the Greater Wisconsin Opportunities Fund. “We appreciate the opportunity to work with U.S. Bank to strengthen our economy.”
The city of Milwaukee is providing tax-increment financing and the state of Wisconsin provided a Brownfield Redevelopment Program grant.
All renovations are expected to be complete by the end of 2016.
U.S. Bank has invested nearly $67 million of New Markets Tax Credit equity in 18 projects in the Milwaukee area over the last seven years, including this most recent investment.
About U.S. Bancorp Community Development Corporation
With nearly $16 billion in managed assets as of Sept. 30, 2015, U.S. Bancorp Community Development Corporation, a subsidiary of U.S. Bank, provides innovative financing solutions for community development projects across the country using state and federally sponsored tax credit programs. USBCDC's commitments provide capital investment to areas that need it the most and have contributed to the creation of new jobs, the rehabilitation of historic buildings, the construction of needed affordable and market-rate homes, the development of renewable energy facilities, and the generation of commercial economic activity in underserved communities. Visit USBCDC on the web at www.usbank.com/cdc.
About U.S. Bank
Minneapolis-based U.S. Bancorp (NYSE: USB), with $419 billion in assets as of June 30, 2015, is the parent company of U.S. Bank National Association, the fifth largest commercial bank in the United States. The company operates 3,164 banking offices in 25 states and 5,020 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at usbank.com.