Downtown Milwaukee's apartment vacancy rate is among the lowest in the nation. With high demand for urban living, downtown Milwaukee is primed for growing its residential population. Learn about a recently announced apartment project along the Milwaukee RiverWalk.

Also, get the scoop on commercial rehabilitation incentives available to downtown businesses owners.

Plus, NEWaukee's Night Market continues tonight with its August installment. If you've yet to check it out, I highly encourage you to experience its dynamic impact on West Wisconsin Avenue.

Fueled by strong absorption, low vacancy rates and an influx of people moving to the urban center, apartment development in downtown Milwaukee continues to be robust. The most recent announcement, resulting from a City of Milwaukee request for proposal process, will be built along the east bank of the Milwaukee River at North Edison Street and East Highland Avenue.

Milwaukee-based Klein Development won the City RFP process with a 10-story building featuring 72 apartments and approximately 4,500 sq. ft. of ground-floor commercial space for a "high-end brew pub" with outdoor seating. The development will include a RiverWalk extension and link to the existing pedestrian bridge, which connects the east and west sides of the Milwaukee River.  

The mixed-use building is expected to add another $15 million of investment to downtown Milwaukee, which has seen more than $5 billion in recently completed, under construction and proposed projects.

Unlike other apartment construction in downtown Milwaukee, the Klein Development proposal does not include new parking. According to Urban Milwaukee, by not building parking, the developer will save significantly on construction costs, which will allow rents to be priced competitively. In the same article, Jason Korb of Korb + Associates noted that the project is intended as a "walk-to-work building," mimicking national urban trends. In addition, shared parking solutions exist with the Marcus Center for the Performing Arts parking deck located across the street.

The developer intends to begin construction in Spring 2016 after gaining approvals and paying the $840,000 purchase price for the nearly 20,000 sq. ft. parcel.

 

• White Box Grant Program - assists in recruiting new businesses to vacant commercial spaces by offering reimbursable grants for up to $10 per square foot with a maximum grant in the amount of $25,000.
• Façade Grant Program - provides assistance for renovating the street side façades of commercial buildings and offers a reimbursable grant limited to no more than 30% of the total of the eligible improvements (not to exceed $50,000 per building).
• Retail Investment Fund (RIF) - a reimbursement program to promote retail. The size of the assistance is determined by the project size, private investment and job creation. In downtown, a RIF grant can equate to $5,000 per full-time job that is created with the project. 
• Signage Grant Program - provides business owners assistance, up to $2,500, to add signage to commercial buildings to better promote business to potential customers.