Milwaukee Buck Pat Connaughton's firm wants $13 million in West Allis financing help for apartments
Tom Daykin
A development firm founded by Milwaukee Bucks guard Pat Connaughton is seeking $13 million in financing help from the City of West Allis in connection with a planned apartment project.
That's according to a proposal to be considered by the West Allis Community Development Authority at its Tuesday night meeting.
The proposal would allow the authority's executive director, Patrick Schloss, to create a plan for a tax incremental financing district at West National Avenue and South 85th Street. The 3.2-acre site is the current location of the Clark Oil building.
Connaughton's firm, Three Leaf Development LLC, in 2022 received city zoning approval to demolish that building and replace it with a six-story, 247-unit apartment community.
Three Leaf is seeking $13 million paid over 27 years, or the equivalent of $28 million by the end of that period due to the effects of the cash's increased value over time, Schloss told the Milwaukee Journal Sentinel.
Those funds would be provided in annual payments from the new property tax revenue generated by the apartments − if the TIF district is approved by the Common Council. The council is tentatively scheduled to review the district proposal at its June 20 meeting.
The apartment development has a budget of about $60 million, with an estimated taxable value of $48 million that would generate over $1 million of new property tax revenue annually, Schloss said. The site is now valued about $1 million, he said.
A Three Leaf representative didn't respond to a question about when construction would begin on the project.
Three Leaf's building would include amenities such as a fitness center, swimming pool, dog run, fire pit and co-working space. The apartments would range from studios to three-bedroom units.
Three Leaf Partners, of which Connaughton is a partner, was formed in 2022 when Connaughton's Three Leaf Development LLC merged with Catalyst Partners LLC.
Three Leaf's other projects include a 39-unit development under construction in Shorewood.
The firm also is involved in plans to build a 55-unit apartment development on Milwaukee's east side.
Tom Daykin can be emailed at tdaykin@jrn.com and followed on Instagram, Twitter and Facebook.