Milwaukee Office-to-Housing Conversions: Challenges and Legislative Hurdles
Despite growing national interest in converting underperforming office buildings into housing, such projects remain rare in the Milwaukee area. The proposed conversion of Johnson Controls’ downtown offices into apartments highlights both the potential and challenges of these efforts. At a recent panel, developer S.R. Mills discussed the need for legislative changes to the state’s Vacancy-to-Vitality Program, which provides $100 million in low-interest loans for such projects. Mills emphasized that restrictions preventing the combination of this funding with other financing tools, like tax credits and TIF districts, are hindering progress on projects like Johnson Controls’ redevelopment and called for new legislation to enable more conversions.
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https://www.jsonline.com/story/money/real-estate/commercial/2024/09/18/millions-in-state-money-to-convert-offices-into-apartments-untapped/75266771007/
https://www.bizjournals.com/milwaukee/news/2024/07/10/office-conversions-challenge-milwaukee-roundtable.html