U.S. Bank invests nearly $2M in West Allis hotel
West Allis will soon finish its first hotel near State Fair Park, bolstered by close to $2 million from a U.S. Bank subsidiary that is leveraging federal tax credits.
The 100-room Hampton Inn and Suites will offer overnight accommodations and a banquet hall near South 82nd Street and West Greenfield Avenue. Construction is expected to be complete by September 2015.
The newest funding in the $14.2 million project comes through U.S. Bancorp Community Development Corp., a subsidiary of Minneapolis-based U.S. Bank that's invested $1.9 million in equity raised from federal New Markets Tax Credits. The federal credits were allocated to First-Ring Industrial Redevelopment Enterprise Inc. (FIRE), the community development enterprise formed by the city of West Allis in 2007, according to a U.S. Bank press release.
Owners of the Wilderness Hotel & Golf Resort in Wisconsin Dells are developing the project. The four-story building will include a 9,200-square-foot conference center. The hotel is being built on a former industrial site that the city acquired and cleaned for redevelopment.
Reported by: Milwaukee Business Journal
The 100-room Hampton Inn and Suites will offer overnight accommodations and a banquet hall near South 82nd Street and West Greenfield Avenue. Construction is expected to be complete by September 2015.
The newest funding in the $14.2 million project comes through U.S. Bancorp Community Development Corp., a subsidiary of Minneapolis-based U.S. Bank that's invested $1.9 million in equity raised from federal New Markets Tax Credits. The federal credits were allocated to First-Ring Industrial Redevelopment Enterprise Inc. (FIRE), the community development enterprise formed by the city of West Allis in 2007, according to a U.S. Bank press release.
Owners of the Wilderness Hotel & Golf Resort in Wisconsin Dells are developing the project. The four-story building will include a 9,200-square-foot conference center. The hotel is being built on a former industrial site that the city acquired and cleaned for redevelopment.
Reported by: Milwaukee Business Journal
