U.S. Bank Invests Almost $2M in West Allis Hotel.
West Allis will soon complete its first hotel near State Fair Park, strengthened by near to $2 million from a US Bank subsidiary that is leveraging federal tax credit reports.
The 100-room Hampton Inn & Suites will provide overnight accommodations and also a reception hall near South 82nd Street and West Greenfield Avenue. Construction is anticipated to be complete by September 2015.
The most recent funding in the $14.2 million project comes through US Bancorp Community Development Corp., a subsidiary of Minneapolis-based US Bank that's invested $1.9 million in equity increased from federal New Markets Tax Credits. The federal credit reports were allocated to First-Ring Industrial Redevelopment Enterprise Inc. (FIRE), the community development enterprise formed by the city of West Allis in 2007, baseding on an US Bank news release.
Owners of the Golf Hotel & Wilderness Hotel in Wisconsin Dells are developing the project. The four-story building will certainly consist of a 9,200-square-foot conference facility. The hotel is being built on a former commercial site that the city obtained and also cleaned for redevelopment.
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