CIBC announced its involvement in the Thrive on King project, a historic adaptive reuse initiative that will transform a former department store building into 90 units of affordable housing in downtown Milwaukee.
“We are excited to be a part of the Thrive on King project, which will not only create much-needed affordable housing, but also contribute to the preservation of Milwaukee’s rich history,” said Tony Hernandez, head of Community Investment at CIBC Bank USA. “CIBC is especially passionate about this project because it represents a significant investment in Milwaukee’s future, and we are proud to be a part of it,” said Hernandez.
CIBC’s $45.5 million commitment through equity investment and construction lending will play a pivotal role in realizing the vision of this project. The community impact of Thrive on King is significant.
Milwaukee-based JCP Construction and CG Schmidt have been selected as the contractors for the ThriveOn King project. JCP, a family-owned company, was established in 2008 by brothers Clifton, James and Jalin Phelps. With a central office on King Drive and a commitment to employing a workforce that reflects the community they serve; the company is an important part of Milwaukee’s diverse business ecosystem. JCP has contributed to some of the most recognizable projects in Wisconsin, including the Fiserv Forum, the Milwaukee Mitchell International Airport remodel, and the Northwestern Mutual tower and commons.
The commercial space within Thrive on King will be anchored by the Greater Milwaukee Foundation and the Medical College of Wisconsin community-facing centers and institutes. The space will serve as a hub for a wide range of services including food, health and wellness programs, art, culture, history, community gatherings, early childhood education, generational programming, workforce development and business support.
“Thrive on King is more than just a development project. It’s a symbol of hope and progress for the city of Milwaukee,” said Hernandez.
CIBC is a leading North American financial institution with 14 million personal banking, business, public sector and institutional clients. CIBC offers a full range of advice, solutions and services in the United States, across Canada and around the world. In the US, CIBC Bank USA provides commercial banking, private and personal banking and small business banking solutions and CIBC Private Wealth offers investment management, wealth strategies and legacy planning.
