POSTED ON NOVEMBER 30th, 2009
New housing development continues 30-year effort to re-weave Park West corridor
Mayor Tom Barrett today joined officials of Legacy Redevelopment Corp. and Legacy Bank to kick off development of a new central city subdivision. The Legacy, expected to eventually contain 51 single-family homes, will be built on vacant land bounded by W. Garfield Ave., W. Brown St., N. 24th St. and N. 21st St. The first two homes are currently under construction.
The Legacy will replace some of the 1,600 homes demolished in the early 1970s for the Park West freeway. The freeway was never built, and for more than 30 years, the City of Milwaukee has worked with a variety of development partners to bring the neighborhood back to life.
“We are pleased to be here for the birth of a project that will continue to re-weave the fabric of this neighborhood with beautiful new homes, and we’re optimistic these new homes will come on line just as the real estate market is improving,” said Mayor Tom Barrett.
Mayor Barrett paid tribute to Sally R. Peltz, the founding president and chief executive officer of Legacy Redevelopment Corp., and Deloris Sims, the chair and chief executive officer of Legacy Bank. “We’re very grateful that Legacy Bank looked beyond its building at 27th and Fond du Lac to the wider neighborhood, and decided to take the lead to develop this property,” Barrett said.
The City of Milwaukee supported The Legacy by providing $3.25 million in tax incremental financing (TIF) to assemble and clean the site and install infrastructure. The TIF also provides loans and grants to nearby property owners to help them renovate their homes. The City also has invested in improvements at nearby Johnson’s Park, with the hope that the park will be an amenity that attracts buyers to The Legacy.
Other residential developments completed to date within the Park West corridor include City Homes, which constructed 80 new single-family homes in the neighborhoods near 20th and Walnut Streets, and Lindsay Heights, which built 165 new homes.
More information about The Legacy house and lot packages is available at www.thelegacymilwaukee.com.