The redevelopment of O’Donnell Park in Milwaukee, WI, including a possible high rise apartment complex overlooking Lake Michigan, has gained support from the Milwaukee Building and Construction Trades Council (BCTC). The complex is slated to be on the site of an underused downtown transit center and will be partially funded by the AFL-CIO’s Housing Investment Trust (HIT). Developer Rick Barrett spoke to members of the County Board’s Committee on Economic and Community Development on Monday:
Barrett is developing the 30-story Moderne, with 203 apartments and 14 condos, at W. Juneau Ave. and N. Old World Third St. Along with $9.3 million in city loans, the $55 million Moderne is being financed mainly by a $41.4 million loan from the AFL-CIO’s Housing Investment Trust (HIT), backed by a federal guarantee.
The development is the latest in a string of projects benefiting from he HIT, which aims to fund projects that both help the community (frequently by creating affordable housing) and create quality union jobs.
See our recent, related post: Canton, OH Union Pension Investment Creates Affordable, Energy-Efficient Housing and Good Jobs