MILWAUKEE-Developer Sean Phelan has suspended a plan to build a 36-unit apartment project on city-owned property here after failing to reach a financing agreement on the venture.
Phelan, in partnership with locally-based WiRED Properties, responded to a city request for development proposals for the site last fall and proposed to build a mixed-use project with 36 apartments and retail on the first floor of a four-story building. City officials chose to negotiate solely with Phelan and WiRED Properties, which had options to buy a neighboring property for the development, according to the Milwaukee Business Journal.
The developers and Wauwatosa officials had been in discussions regarding potential tax incremental financing to help fill a $1-million gap in the project budget, according to Wauwatosa Principal Planner Tammy Szudy.
“The council didn't have much of an appetite for financing, specifically TIF financing,” Szudy says. On Friday afternoon, Phelan informed the Wauwatosa Community Development Authority that he was suspending the project. See story in the Milwaukee Business Journal.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
