A former warehouse store in West Allis will be converted into about 160,000 square feet of office space by developer Joel Lee.
Lee owns the building, at 801-829 S. 60th St., which was once part of the former Allis-Chalmers Corp. industrial complex.
A portion of the building that later housed a Sam's Club warehouse store has been vacant since the retailer moved out several years ago.
Lee, who operates Van Buren Management Inc., has been in talks with prospective office tenants.
The renovations, including some exterior work, will take six to nine months to complete, Lee said.
City to OK bond sale
Much of the financing will come through a $6 million bond sale through the West Allis Community Development Authority, which gave the sale a preliminary review at its Tuesday night meeting. The authority board and Common Council are to approve the sale at their meetings on June 19, said John Stibal, West Allis community development director.
The bond sale doesn't involve a loan, or a loan guarantee, by the city. It allows Lee to sell tax-exempt bonds to investors, which means the developer can borrow funds from those bond purchasers at a lower interest rate.
Van Buren Management has already done some exterior renovations to the building. Aside from the former Sam's Club space, the property has several tenants, including U.S. Bank and WDJT-TV (Channel 58).
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