Real Estate Marketing & Beyond
Today, CIBC announced its participation in the ThriveOn King project, which will transform a former department store edifice into 90 units of affordable housing within the vibrant heart of downtown Milwaukee.
CIBC's substantial $45.5 million investment through equity and construction financing will be instrumental in bringing the visionary ThriveOn King project to fruition. This transformative development will breathe new life into a vacant, historically significant building in downtown Milwaukee, repurposing it into 90 affordable housing units. Of these, 27 units will cater specifically to the needs of seniors aged 55 and above, providing them with comfortable and accessible living spaces.
"CIBC is especially passionate about this project because it represents a significant investment in Milwaukee's future, and we are proud to be a part of it," said Tony Hernandez, head of Community Investment at CIBC Bank USA
The commercial component of ThriveOn King will be anchored by the prestigious Greater Milwaukee Foundation and the Medical College of Wisconsin's community-focused centers and institutes. This dynamic hub will offer diverse services, including food assistance, health and wellness programs, art and cultural exhibitions, historical presentations, community gatherings, early childhood education, intergenerational programming, workforce development initiatives, and business support resources.
"ThriveOn King is more than just a development project. It's a symbol of hope and progress for the city of Milwaukee," said Hernandez.
The project's profound community impact cannot be overstated. By breathing new life into a vacant historical structure and creating affordable housing options, ThriveOn King will contribute to the revitalization of downtown Milwaukee while addressing the critical need for accessible and affordable living spaces. Integrating community-oriented services and amenities further solidifies this development as a beacon of positive change, fostering a vibrant and inclusive neighborhood for all.
ThriveOn King is located at 2153 N. Dr. Martin Luther King Jr. Drive, in the heart of three neighborhoods: Halyard Park, Harambee, and Brewers Hill.
