Walker’s Point site faces money delay
NEWaukee plan still viable, backup in place
The planned conversion of a historic Walker’s Point building into office, event and co-working space has been delayed as the developer works to secure financing for the project.
Milwaukee Ballet Co. had agreed to sell its former offices, school and rehearsal space, 504 W. National Ave., to an affiliate of NEWaukee, a firm that stages events and does business consulting.
NEWaukee plans to convert the building, constructed in 1901 as the Schlitz Tivoli Palm Garden tavern, into The Beacon — with space for NEWaukee’s operations as well as co-working offices and a restaurant.
But NEWaukee missed a May deadline for completing its purchase of the property after nonprofit lender Milwaukee Economic Development Corp. delayed approving a secondary mortgage loan, said Angela Damiani, NEWaukee chief executive officer.
NEWaukee, now based at 735 N. Water St., is working to secure another commercial loan, possibly through the U.S. Small Business Administration’s 504 lending program, Damiani said. She hopes to have that commitment within the next couple of weeks.
Meanwhile, Milwaukee Ballet recently began listing the building for sale through CBRE Inc., a national commercial real estate brokerage that has a Milwaukee office.
While NEWaukee still plans to buy the building, Milwaukee Ballet is listing it for sale as a backup, Damiani said.
“We know Newaukee is continuing to actively pursue the financing partners and funders it needs to realize the Beacon Project at this site,” the ballet said, in a statement. “We remain in regular contact with them.”
Milwaukee Ballet moved last year to a new facility, Baumgartner Center for Dance, which it developed at 132 N. Jackson St., in the Historic Third Ward.
Damiani remains confident NEWaukee will be able to complete its plans for The Beacon.
While the coronavirus pandemic forced NEWaukee to cancel in-person events, including this summer’s Night Market, the business has shifted to hosting online events and doing more consulting work, Damiani said.
With six to eight months needed to convert the former ballet building into The Beacon, Damiani hopes the pandemic’s effects will lessen by the time the project would be completed.
The development plans include providing space for local artisans, tech startups and small businesses — something Damiani said will be needed to help with the economic recovery.