Near West Side Partners launches $5 million development fund

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 organization 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 Corp. 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,” Stanley said.

Near West Side Partners is a nonprofit led by representatives from Aurora Health Care, Harley-Davidson Motor Co., Marquette University, MillerCoors and Potawatomi Hotel & Casino. The area it serves includes the Avenues West, Cold Spring Park, Historic Concordia, Martin Drive, Merrill Park, Miller Valley and Piggsville neighborhoods.

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.