Near West Side Partners has established a multi-million-dollar fund it will use to renovate distressed homes and commercial properties in seven historic neighborhoods on Milwaukee’s near west side.
The group announced this morning it plans to raise $5 million over the next three years for what it calls its “Challenge Fund.” Already, $2 million has been committed.
NWSP received an $800,000 grant from Milwaukee County last fall and an additional $1.2 million has been committed by Milwaukee Urban Strategic Investment Corporation and the Harley-Davidson Foundation.
NWSP Executive Director Keith Stanley called the Challenge Fund a critical resource. “We applaud the leadership and tremendous support from our initial investors,” he said.
Near West Side Partners is a nonprofit led by representatives from Aurora Health Care, Harley-Davidson Motor Company, Marquette University, MillerCoors and Potawatomi. The area it serves includes the Avenues West, Cold Spring Park, Concordia, Martin Drive, Merrill Park, Miller Valley and Piggsville neighborhoods.
NWSP Executive Director Keith Stanley said the group plans to use the money to purchase properties, fix them up, and then sell them to families or business owners. Proceeds from the sales will go back into the Challenge Fund for use on future projects. The fund may also provide revolving loans to small businesses.
Two properties are already in the process of being acquired by NWSP.
The city’s Zoning, Neighborhoods & Development committee is currently reviewing a proposal from the group to purchase a dilapidated, boarded up commercial building at 964 N. 35th street. NWSP also plans to acquire a city-owned foreclosure property at 3424-26 W. Highland Ave. and convert it into a duplex.
