Mixed-use development planned for Milwaukee's Kinnickinnic River site seeks state grant

A large mixed-use development planned for a site overlooking Milwaukee's Kinnickinnic River might be getting a $500,000 state grant.

Infrastructure contractor Michels Corp. wants to develop its River 1 project on 6 acres it owns west of South First Street and north of West Becher Street.

River 1's $49 million first phase, which could begin construction by the end of this year, would feature an eight-story, 120,000-square-foot building. The company would anchor that building and could eventually have around 400 employees there.

The initial phase also would have a 1,000-space underground parking structure for the entire site.

Additional phases could include two more office buildings, an apartment building with street-level restaurant space and a hotel. 

River 1 could total $100 million in value with those additional buildings.

The Milwaukee Redevelopment Authority is planning to seek a $500,000 grant from the Wisconsin Economic Development Corp., according to an authority document posted Friday.

That grant would come from WEDC's Idle Industrial Sites Redevelopment Program. It would be matched by Michels Corp.

The authority board is to vote at its Thursday meeting on requesting the grant.

River 1's first phase, to be completed by summer 2020, also would have a RiverWalk, which would be partly funded by the city.

The city financing proposal, which also would help pay for an environmental cleanup and improvements to Becher Street, would likely use River 1's property taxes.

That proposal hasn't yet been released, but will require Common Council approval.

River 1 would be within Milwaukee's new Harbor District, which covers 1,000 acres bordered roughly by South First Street, the lakefront, the Milwaukee River and Bay Street/Becher Street.

Tom Daykin can be emailed at tdaykin@jrn.com and followed on Instagram, Twitter and Facebook.