A Milwaukee committee on Tuesday approved a revised deal with the developer of the Couture high-rise to require work on the project to begin by Feb. 1.
Milwaukee’s Zoning, Neighborhoods and Development Committee unanimously backed the revised agreement with Barrett Lo Visionary Development, which announced recently it plans to break ground on the $188 million tower in January.
The developer recently secured a $103.5 million federal loan guarantee for the project after years of delays. The city of Milwaukee is providing $19.5 million in incentives for the construction of a transit center that’s planned for the first floor of the 44-story tower.
The development agreement’s puts forward the terms of the city’s support and requires the developer to meet various milestones. Barrett Lo, for instance, will now have to wrap up the construction of the tower 42 months after breaking ground and have work on the transit center finished by mid-2022.
The transit center would complete Lakefront Loop of Milwaukee’s streetcar, The Hop, and provide a stop for a new bus rapid transit service. 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.