Council gets in the weeds on deal to redevelop state`s third tallest building
The subject at hand was a subsidy to facilitate the office-to-residential conversion of the downtown 100 East tower, but Monday’s Zoning, Neighborhoods & Development Committee meeting ended up going far beyond this. It turned into a session of council members questioning the city’s new tax incremental financing (TIF) guidelines.
Conversion of the mostly vacant 35-story tower into Wisconsin’s tallest residential building is slated to be the first project to go through the Department of City Development‘s new TIF guidelines that were introduced in April.
The aging office building would be redeveloped into 373 apartments. In exchange for the city granting the $165 million development a $14.4 million subsidy, the development team would be required to set aside 75 units at rates targeted at 30% of a household’s income for households making no more than 100% of the Milwaukee County median income, approximately $77,000 for a single person.
But committee members had plenty of questions about various facets of the arrangement and how it would impact future deals...
...moreConversion of the mostly vacant 35-story tower into Wisconsin’s tallest residential building is slated to be the first project to go through the Department of City Development‘s new TIF guidelines that were introduced in April.
The aging office building would be redeveloped into 373 apartments. In exchange for the city granting the $165 million development a $14.4 million subsidy, the development team would be required to set aside 75 units at rates targeted at 30% of a household’s income for households making no more than 100% of the Milwaukee County median income, approximately $77,000 for a single person.
But committee members had plenty of questions about various facets of the arrangement and how it would impact future deals...
Leo’s notes: The 100 East conversion could mark real progress toward growing Milwaukee’s housing supply—but only if affordability is meaningfully baked into the deal. Public subsidies must yield public benefit. Without stronger rent restrictions tied to city income levels, we risk repeating old patterns: high-cost units that working families can`t afford. This is a pivotal moment to ensure TIF guidelines do more than preserve tax base—they must prioritize inclusive, accessible housing outcomes...
Ken Notes: Wisconsin needs to create a new "Workforce Housing" set of legislative actions that include zoning, financing, grants and loans, TIF, conservancies and parks, adaptive reuses, urban renewal, definitions of affordable and workforce housing, and other issues that will allow us to partner with developers, builders, and business to build truly meaningful workforce housing...
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- - Volume: 25 - WEEK: 32 Date: 8/4/2025 9:03:35 AM -