POSTED ON NOVEMBER 11th, 2008
Park East project quietly begins work
Site preparation underway for $27 million Aloft Hotel
Progress in the redevelopment of the Park East Corridor continues this week with the beginning excavation on the future site of a 5-story Aloft Hotel, located along the Milwaukee River and just north of East Juneau Ave. Aloft site
The $27 million development will feature a 160-room Aloft Hotel, a Starwood Hotels and Resorts Worldwide Inc. brand that offers a similarly modern feel as its ‘W’ brand hotels. The project is expected to create 75 new jobs. The hotel is expected to open November 2009.
The City of Milwaukee is working with the development team of Milwaukee River Hotel LLC to add a Riverwalk segment, dock wall, public plaza and street improvements as part of the project, using $1 million in Tax Incremental Financing. The city’s financial assistance will fund the public improvements. The Aloft project has also been assisted by US Bank, the Department of Commerce, and the Wisconsin Housing and Economic Authority (WHEDA.)
While site preparation work is just beginning on the Aloft Hotel site in the center of the Park East Corridor, there’s more than $800 million in development already underway or completed in the area. For a complete picture of what’s happening in the Park East, visit the Park East website.