Latest news with #multifamilydevelopment
Yahoo
2 days ago
- Business
- Yahoo
An affordable apartment community could be built near Rockwell Automation's headquarters
An affordable apartment community located near Rockwell Automation Corp.'s headquarters is in the development pipeline. A newly proposed zoning change for the Walker's Point site, 1435 S. First St., is pending before the Common Council. It would change the site's zoning from industrial light to industrial mixed to allow a multi-family residential development. The zoning change is being requested by Kenosha-based Bear Development LLC, according to the Department of City Development. The development is to include "69 units of mixed-income housing that would be partially financed by housing tax credits issued by the Wisconsin Housing and Economic Development Authority," said Madison Goldbeck, the department's marketing and communications officer. Such developments typically seek federal tax credits in annual competitions. Developers that obtain the tax credits usually must set aside 85% of the apartments at below-market rents for people earning no higher than 60% of the local median income. Goldbeck referred additional questions to Bear Development, which didn't immediately respond to requests for more information. Common Council President Jose Perez, whose district includes the site, is supporting the zoning change. He said the development would be a good fit for the neighborhood − where there's strong demand for affordable housing. Bear's portfolio includes two nearby affordable apartment developments under construction: the 140-unit East National Flats, 100 E. National Ave., and the 576-unit Filer & Stowell Lofts, 123 and 147 E. Becher St. The newest proposed development site, a 21,000-square-foot parking lot, is owned by Rockwell Automation, according to city assessment records. Rockwell's headquarters is just north of the site, at 1201 S. Second St. Tom Daykin can be emailed at tdaykin@ and followed on Instagram, Bluesky, X and article originally appeared on Milwaukee Journal Sentinel: Affordable apartments proposed for site near Rockwell's headquarters Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CTV News
09-07-2025
- Business
- CTV News
Downtown Winnipeg theatre still searching for new owner
CTV's Harrison Shin takes a look at the Towne 8 Cinema, which closed two years ago and is still looking for a buyer. CTV's Harrison Shin takes a look at the Towne 8 Cinema, which closed two years ago and is still looking for a buyer. Inside the Towne 8 Cinemas, a clock remains frozen at six o'clock—a symbolic stillness that matches the building's current state. The theatre, located on Notre Dame Avenue, first opened its doors in 1981 and marked a turning point in how Canadians watched movies. 'It was Canada's first freestanding eight-screen theatre,' said Rennie Zegalski, principal at Capital Commercial Real Estate Services. 'It was quite a highlight at the time.' For four decades, the theatre welcomed moviegoers before it was put up for sale in January 2023. Interest came quickly, Zegalski said, with an offer arriving almost immediately. But two years later, the building remains on the market. 'It was tied up for a number of months,' Zegalski explained. 'That offer was for a new multifamily development, but unfortunately, the financing couldn't be put together.' According to Zegalski, the asking price is currently $2.25 million, with the potential to redevelop the property into an eight-storey residential building—possibly more, pending city approval. 'This site has the ability for greater density and more units,' Zegalski said. 'The owner is still open to any reasonable offers.' If sold and redeveloped, the closure of Towne 8 Cinemas would officially mark the end of first-run movie theatres in downtown Winnipeg. That's part of a broader trend, according to Jino Distasio, professor at the University of Winnipeg. 'It's part of a bigger restructuring,' Distasio said. 'We saw big-box theatres open up in malls and suburban areas. The downtown is now left without a single first-run movie screen—aside from Cinematheque, which shows really great movies, but not the blockbusters.' While some still hope for a creative reuse of the space, Distasio thinks the wrecking ball might come. 'It's starting to look more likely that we're talking about a major redevelopment of that site,' he said. 'Unless someone finds an adaptive reuse for an old multiplex theatre.'
