The developer of Milwaukee’s Couture high-rise must break ground by Feb. 1 and wrap up work on the project no more than three-and-a-half years later under the terms of a revised agreement with the city of Milwaukee.
After years of delay, the developer Barrett Lo Visionary Development announced last week that it had secured a $103.5 million federal loan for the 44-story tower and would begin construction in January. Barrett Lo and the city are now revising their previous development agreement.
Under the deal’s new terms, the Couture tower must have an assessed value of $38.3 million after opening and eventually come to be worth $67.3 million.
J.H. Findorff is the general contractor on The Couture project and Rinka is the principal architecture firm.
Construction of the Couture would also complete the lakefront loop of the city’s streetcar service with a first-story transit concourse at the site. The city is contributing $19.5 million, through tax-increment financing, for the construction of both the concourse and nearby sewer work.
The revised agreement would require the developer to complete its work on the concourse by May 1, 2022. The city must have the transit concourse operating by July 31, 2022, to receive a federal grant. The city already has spent $31 million on Lakefront line.
Milwaukee’s Zoning, Neighborhoods and Development Committee is scheduled to consider the revised development agreement at its meeting Tuesday.