Breaking News

Milwaukee hotel venture to get a lot more time to repay $4 million metropolis financial loan

A boutique resort to be formulated on Milwaukee’s north side is getting yet another calendar year to begin payments on a $4 million town bank loan beneath a recently accredited proposal. 

The $36 million enhancement is to transform a historic previous Sears retail store, 2100 W. North Ave., into the 80-place Ikon Resort.

Function commenced in late 2019 on taking away the building’s asbestos and executing other preparing perform — which is nearing completion.

But other renovations have been delayed since of the COVID-19 pandemic’s results on the hotel business, said Ikon developer Kalan Haywood Sr.

So, the Redevelopment Authority board on Thursday unanimously permitted a improve to the city’s agreement with Haywood.

That modification involves Haywood’s expense team, HG Sears LLC, to commence repaying a $4 million town financial loan in September 2022.

These payments were to start within a several months — on Sept. 1.

At the time payments get started in 2022, they would be just for the loan’s interest via 2024. That is identical to a provision in the first mortgage settlement. Also, HG Sears is needed to provide quarterly “progress updates” to the authority.