BizTimes, Wednesday, October 5, 2011
Construction work is set to begin on Oregon, Wis.-based Gorman & Company’s project to transform two vacant buildings at the former Pabst brewery complex in downtown Milwaukee into a 90-room hotel.
On Friday, Gorman & Company closed on its financing for the $19 million project. The company obtained about $15 million in debt financing for the project from Chinese investors through the federal government’s EB-5 program, which provides green cards and possible citizenship for foreigners that invest in project in the United States that create jobs.
The hotel will be built in the former Brew House building and Mill House building located northwest of West Juneau Avenue and North 10th Street in the former Pabst brewery complex.
The hotel will be called the Brewhouse Inn & Suites. It will have studio, one-bedroom and two-bedroom suites. The hotel will also have 5,000 square feet of ground floor retail space, which Gorman is marketing to potential restaurant tenants.
A groundbreaking ceremony for the project will be held on Monday, Oct. 17.
The former Pabst brewery is being redeveloped by an entity created by Zilber Ltd. founder Joseph Zilber, which is working to transform the complex into a mixed-use urban neighborhood. Several buildings in the complex have been sold to other developers. The hotel project will be Gorman & Company’s second project at the former Pabst brewery. The company redeveloped the former Keg House building into a 95-unit apartment building.
Meanwhile, a topping off ceremony was held last week for the UWM Joseph J. Zilber School of Public Health project at the former Pabst brewery. A new 30,000-square-foot structure is being built adjacent to the 30,000-square-foot former Manufacturing Building at the brewery complex. Once work on the new portion and the redevelopment of the old building is complete a single 60,000-square-foot building will be created for UWM. The project is expected to be complete next year.