TID Number 16
| Statistic | Amount |
|---|---|
| Base Value | 3,142,700 |
| Current Value | |
| Original Property Taxes | |
| Current Property Taxes | |
| Property Tax Increment |
Expected Termination of District: 2035
West Allis is initiating a major revitalization of the former heavy industrial former Allis-Charmer office & industrial complex to evolve into a pedestrian friendly, free parking, and high-end office complex within the S. 70th Street Corridor.
In Phase 1 Cobalt Partners proposed, on the West side of S. 70th Street, to acquire two office buildings consisting of 155,600 SF and make substantial interior and exterior improvements to the buildings. The property was owned by the West Allis-West Milwaukee School District. This acquisition comprised of primarily two buildings located at 1135 and 1205 S. 70th St. and related parking. The project will also involve less than one acre of McKinley Park (South of the Field House) to be converted to surface parking. The project will also work with Milwaukee Area Technical College (MATC) to assemble some property that may be positioned for future redevelopment. On the East side of S. 70th Street, also as part of Phase 1, the developer is proposing to acquire another former Allis Chalmers office building (currently owned by BGK Properties Inc.) located at 1126 S. 70th St. with a plan to relocate about 60,000 ft.² of the existing tenants to the 1205 S. 70th St. building. Their plan is to demolish the 469,300 ft.² building, construct a 105-room reputable flag hotel at the intersection of S. 70th St. and Washington Street. The proposal includes constructing a public street and a high amenity park.
The plan for Phase 2 is to develop in excess of 400,000 ft.² of office and taxable educational facilities including related surface parking and parking structures. Overall, the two Phases, through the assistance of TIF will provide a return on public investment by generating $80,500,600 in new development which would yield about $62,648,000 of new incremental taxes over the life of the district. The current area is assessed at $3,142,700. The area is prime for development with a portion of the district being located in a federal “Economic Opportunity Zone” that will attract future investment by developers looking for a federal tax benefit.