Bear Development Tackles Office-to-Housing Conversions in Milwaukee

Amid growing interest in repurposing underperforming office buildings, Bear Development is exploring the conversion of Johnson Controls International’s downtown Milwaukee offices into apartments. This project reflects Bear Development’s commitment to adaptive reuse and urban revitalization, addressing modern housing needs through innovative solutions. However, as highlighted by S.R. Mills during a recent panel discussion, legislative barriers—such as restrictions on combining the state’s Vacancy-to-Vitality Program with other financing options like TIF and historic tax credits—pose challenges to such conversions. Mills emphasized the need for legislative changes to unlock more opportunities for redeveloping underutilized commercial spaces, such as this potential Milwaukee project.

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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