A Milwaukee committee on Tuesday advanced a bill that would allow plans to move ahead for a 32-story, $140 million high-rise in the city’s Third Ward.
Hines Acquisitions is proposing to build a residential tower on a parking lot adjacent to the Milwaukee Public Market at North Water Street and East St. Paul Avenue. The city’s Zoning, Neighborhoods and Development Committee voted unanimously to approve a zoning change for the tower during a meeting Tuesday, along with a resolution authorizing a change to the city’s riverwalk on the west side of the tower. The project still needs the approval of the full common council.
Tom D’Arcy, senior managing director with Hines, said the project’s location along the route of The Hop, Milwaukee’s streetcar, makes it an attractive site for residents seeking a dense, urban environment. The tower would have nearly 300 apartments and would feature an attached parking structure with about 400 stalls, along with 15,000 square feet of retail space on the first floor.
“This is still a vehicular driven market, but I think the streetcar, that is the bridge that gets you to the future,” D’Arcy said.
Hines hopes to begin construction on the project in May of next year and wrap up the tower about 22 months later. The developer isn’t seeking a public incentive for the project, meaning the tower will go on the city’s tax roll once it’s built. The architecture firm Solomon Cordwell Buenz designed the project.