U.S. Bank Invests $7 Million to Build Freshwater Plaza
October 13 2015 - 3:10PM
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 CorporationWith
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. BankMinneapolis-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.
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version on businesswire.com: http://www.businesswire.com/news/home/20151013006738/en/
Shera Dalin, U.S. Bank Corporate Communications(314) 335-3335,
shera.dalin@usbank.com, @usbank_news
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