June 10, 2016
The city of West Allis, WI has approved plans and zoning for Mandel Group Inc.’s $62 million Six Points mixed-used development. Additionally, the city might be willing to chip in $23 million in tax incremental financing (TIF) for the grocery store, office space, restaurants and approximately 200 residential units.
Mandel Group has also struck a deal with the city to buy 14 acres west of South Six Points Drive, between West Greenfield Avenue and West Mitchell Street. The developer would like to begin construction sometime during fall 2016.
City and developer are currently in TIF talks. If approved, public financing would bridge the gap between the cost of the apartment developments and financing Mandel could obtain from banks, based on market value.