Tosa retail development seeks MEDC loan
A development group that's renovating a Wauwatosa retail building is seeking a loan from a local nonprofit business lender.
6505-6519 West North Avenue LLC, led by developer Joshua Jeffers, is seeking a $250,000 loan from Milwaukee Economic Development Corp. to help finance the $900,000 project. Jeffers is remodeling the 6,300-square-foot building at 6505-6519 W. North Ave.
About half of that space will house a second location for Hue Vietnamese Restaurant, which is to open this spring, while Rosencutter UItra Fitness and Performance opened its second location at the building in January. The building also houses East Tosa Guitars.
The primary lender for the development is Grafton-based Cornerstone Community Bank. Jeffers said other financing includes a $90,000 forgivable loan through a federal grant provided by the City of Wauwatosa, and state and federal historic preservation tax credits totaling around $150,000.
The building's current businesses have four full-time jobs and one part-time job, with the restaurant expected to create 17 full-time jobs, according to MEDC. Its Loan and Finance Committee will consider the loan at its Tuesday meeting.
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Commercial Real Estate News
An Indianapolis-based developer wants to build 274 apartments within two separate five-story buildings at the former Pabst brewery complex in downtown Milwaukee.
Milhaus Development wants to develop the units on two vacant lots, at 926 W. Juneau Ave. and 1003 W. Winnebago St., according to new plans filed with the Department of City Development.
Milhaus hopes to begin construction by fall on the $40 million development, said Greg McHenry, director of development.
Find property assessments for other communities throughout the state at AssessorData.org.
The Milwaukee Department of City Development website includes information on the city Plan Commission and Redevelopment Authority.
The Commercial Association of Realtors Wisconsin offers information on commercial realtors and real estate.
The Milwaukee chapter of the Institute of Real Estate Management serves the needs of real estate management professionals
The Wisconsin chapter of the NAIOP Commercial Real Estate Development Association aims to serve developers and owners of commercial real estate.
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