CIBC continues commitment to affordable housing with latest project: Thrive on King

MILWAUKEE, APRIL 1, 2024 — CIBC today 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. The adaptive reuse of a vacant, historically significant store, will create 90 units of affordable housing in downtown Milwaukee. These units will serve as low-income residences, with 27 units specifically designed for seniors aged 55 and above. 

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.