Conversion begins of historic Walker's Point industrial building into Eagleknit Innovation Hub offices

The $30 million conversion of a historic Walker's Point industrial building into offices, including space for two nonprofit job training groups, has started.

Eagleknit Innovation Hub, 507 S. Second St., also will seek tech-based businesses and other tenants, according to developer Wangard Partners Inc.

Its office users will include Building2Learn Consortium, a nonprofit focused on introducing students to careers in skilled construction trades, and i.c. stars, a nonprofit focused on training young adults for technology careers.

Both groups will operate in the building's business incubator.

Much of the remaining space will be targeted to small businesses and entrepreneurs, including those which have graduated from the incubator.

The building also is leasing out space for a CenturyLink data center. Other planned uses include a health clinic and a restaurant.

Eagleknit's focus is to help reduce Milwaukee’s racial wealth disparities through such things as attracting innovative business, startups and technology partners, Wangard Partners said.

That will include working with Milwaukee schools on project-based learning experiences, pre-apprenticeship plans and hiring opportunities.

The four-story building, which opened in 1928 as home to Eagle Knitting Mills, has more recently been used for storage.

A Wangard Partners affiliate bought it for $3.5 million in 2017.

The renovations, to be completed by the end of 2020, will retain the building's historic Cream City brick, wood floors, exposed concrete columns and large windows.

Eagleknit will feature around 107,000 square feet, including 30,000 square feet of added new space.

Its tenant amenities will include conference rooms, a lounge, bike parking, underground parking, a rooftop deck, a fitness studio and a street-level patio.

The $30 million development's financing includes $10 million in New Markets Tax Credits provided through the West Allis-based First Ring Industrial Redevelopment Enterprise.

Those federal tax credits are provided for commercial developments in neighborhoods with high unemployment and poverty rates. The poverty rate in the census tract that includes the building is 34.3%.

Tom Daykin can be emailed at tdaykin@jrn.com and followed on Instagram, Twitter and Facebook.