Plan would make room for a hotel
Redevelopment focuses on area near State Fair Park
West Allis — The city has moved ahead with plans to redevelop properties near 84th Street and Greenfield Avenue, an area in which city officials believe a hotel will be a central feature.
Aided by a large flood grant and tax-incremental financing, the city's redevelopment plan calls for the purchase of the Milwaukee Gray Iron, the old Mykonos restaurant and seven homes. The city is considering several options in addition to the hotel, including apartments or townhouses, a medical office building, a bank or a restaurant.
Development Director John Stibal said the city is now working with developers on proposals, which could come up for approval as early as next spring.
"We're moving right along," he said.
Hotel interest
The city has long sought a hotel/banquet facility. If the redevelopment plan comes to fruition, the hotel would be near State Fair Park and the Milwaukee Mile, which for years was the targeted location.
Six developers' proposals feature a hotel, Stibal said.
The city will use about $2.8 million in flood grants to help purchase of the Milwaukee Gray Iron property and pay for some development costs, Stibal said. The property would then be sold to a developer.
West Allis was awarded the money after the Milwaukee Gray Iron plant, 1501 S. 83rd St., suffered $16 million worth of flooding damage during the summer of 2008.
Investing future tax dollars
Meanwhile, the Common Council last week approved creating a tax-incremental financing district in the area.
To help redevelop old industrial sites, West Allis over the years has created 11 TIF districts, which allow municipalities to borrow money for infrastructure improvements and use the new tax increment generated to pay off the loans.
The latest TIF district encompasses about 8.5 acres. In the report, officials said the land is now worth $5.8 million but could be worth between $13.2 million and $22.4 million after redevelopment.
In an October report, city officials touted the number of jobs that have been created in previous TIF districts.
More than 4,200 jobs lie within the 10 districts, according to the report. That includes more than 2,200 jobs at the Summit Place office building, 6737 W. Washington St., and 930 at Quad Graphics.
West Allis is hoping for more of the same at 84th and Greenfield.
"There is no expectation that its value would rise beyond normal rates without the implementation of this TIF District," the report stated.
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