Stalled Milwaukee Timber Tower Could Rise Again — as Workforce Housing

Milwaukee’s stalled plyscraper, once billed to be the world’s tallest timber building, could be revived as workforce housing after its developer, Madison-based Neutral, ran out of capital and halted construction last September. That is according to remarks made by Lafayette Crump, Milwaukee’s Development Commissioner, who yesterday told the city’s Zoning, Neighbourhoods and Development Committee that Neutral executives “are exploring everything possible” and have been in discussions with new partners.

Wood Central understands that the pivot would fundamentally reposition the project originally conceived as a record-breaking luxury tower on the banks of the Milwaukee River, targeting households earning up to 100 per cent of the Milwaukee area’s median income rather than the premium renters the original scheme was designed to attract. “We’d certainly love to see something move forward,” Crump told the committee, though Neutral’s CEO Nate Helbach and chief product officer Daniel Glaessl did not respond to media requests...

...It comes after Fond du Lac-based general contractor C.D. Smith Construction filed a foreclosure suit in March against Neutral affiliates The Edison SPE and The Edison Project, claiming $11.3 million in unpaid bills before interest, fees, and court costs, characterising the project as effectively abandoned after Neutral “ran out of capital” following cost overruns and terminated loan agreements...