Developed by Wangard Partners, Freshwater Plaza is a four-phase, urban brownfield redevelopment located in Walker’s Point, a transitional neighborhood just 1.3 miles south of downtown in the heart of Milwaukee’s Hispanic community. It will serve as the gateway to the neighborhood and to the University of Wisconsin-Milwaukee’s School of Freshwater Sciences directly to the east, and as a catalyst for the neighborhood by providing a reputable, high-quality grocer along with local, national and regional retailers. The project is located in the Transform Milwaukee corridor, a public-private initiative that leverages Milwaukee’s workforce, industrial strengths and transportation assets to expand community investments, increase business development, boost job creation and strengthen neighborhoods.
Impact Seven’s $4 million loan provides critical gap financing needed to complete Phase Three of the project. With a total development cost of $16.2 million, this phase consists of 16,500 square feet of retail space and 72 apartments, 20% of which are set aside for lower income residents. Impact Seven is also providing gap financing for Phase One, which includes the Cermak Fresh Market grocery store.