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The $64 Million Pivot: How Milwaukee's Clark Building Is Fighting To Convert 214 Units Into Affordable Housing

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The Clark Building, a 20-story Milwaukee landmark once known for its iconic rooftop signage, is at the center of a high-stakes, $64 million plan to address the city’s critical affordable housing shortage. As of December 2025, the ambitious proposal to convert the historic office tower into 214 affordable apartments is moving forward, but only after facing a significant hurdle in securing crucial state financing. This adaptive reuse project represents a major shift for Downtown Milwaukee’s real estate landscape, turning a post-pandemic office vacancy into a much-needed residential opportunity.

The conversion of 633 W. Wisconsin Ave. is a prime example of the national trend to repurpose aging, underutilized commercial properties. Spearheaded by experienced local developers, the project aims to breathe new life into a prominent structure on the city’s west side, offering hundreds of low-income housing units right in the heart of the central business district.

The Clark Building's $64 Million Affordable Housing Vision

The proposal, officially named "633 Wisconsin," details a massive undertaking to transform the upper floors of the Clark Building from vacant office space into a vibrant residential community. This adaptive reuse strategy is not only environmentally sustainable but also fiscally necessary, given the steep decline in demand for traditional office leases following the COVID-19 pandemic. The building’s unique height and central location offer prospective residents unmatched views and access to Downtown amenities.

The project is being developed by J. Jeffers & Co., a firm specializing in historic rehabilitation and complex urban redevelopments. Company President Josh Jeffers has been a prominent figure in Milwaukee’s revitalization efforts, notably with the redevelopment of the former Milwaukee Journal Sentinel headquarters. His vision for the Clark Building is to utilize its inherent structural advantages—specifically its window lines and floor plates—which he views as "very conducive" to residential conversion.

Key Project Details and Entities

  • Building Name: The Clark Building (also known as the 633 Building and historically the "Miller Lite" building).
  • Address: 633 W. Wisconsin Ave., Milwaukee, WI.
  • Developer: J. Jeffers & Co.
  • Total Project Cost: Approximately $64 million.
  • Unit Count: 214 apartments, all slated to be affordable housing units.
  • Project Type: Historic Rehabilitation and Adaptive Reuse (Office-to-Residential Conversion).
  • Initial Timeline: Construction was initially predicted to start in early 2026 and take about 16 months, though this is now dependent on financing.

The Critical Low-Income Housing Tax Credit (LIHTC) Challenge

The financial viability of the Clark Building conversion hinges entirely on securing state and federal funding through the Low-Income Housing Tax Credit (LIHTC) program. This is the largest source of financing for affordable housing in the United States, and the competition for these credits is fierce, especially in Wisconsin.

In a crucial update earlier this year, the "633 Wisconsin" proposal faced a significant setback. It was rejected for the highly sought-after 9% federal tax credit program, which provides the deepest subsidy and is administered by the Wisconsin Housing and Economic Development Authority (WHEDA).

This rejection forced J. Jeffers & Co. to pivot its financing strategy. The firm is now trying again, focusing on the 4% federal and 4% state income tax credit program. While also administered by WHEDA, the 4% credit typically provides a lower subsidy but is often paired with other forms of gap financing and is utilized for projects that also involve historic tax credits. The success of this re-application is paramount to the project’s future.

The Impact of Adaptive Reuse on Downtown Milwaukee

The conversion of the Clark Building is more than just a housing project; it is a vital component of the broader revitalization of the western edge of Downtown Milwaukee. The area, historically a hub for transportation (the building once housed a Greyhound station) and corporate offices, is undergoing a transformation.

The move to create 214 affordable housing units in a central location directly addresses multiple urban planning challenges simultaneously:

  • Combating Office Vacancy: It provides a practical, high-value solution for large, aging office towers that no longer meet the needs of modern corporate tenants, which is a common post-pandemic issue across major U.S. cities.
  • Addressing Housing Insecurity: Placing a significant number of affordable units in the central business district improves housing equity and provides low-income residents with better access to jobs, transit, and city services.
  • Historic Preservation: The project utilizes historic rehabilitation tax credits to preserve the structural integrity and historical relevance of the 20-story skyscraper.
  • Urban Density and Walkability: By increasing residential density, it supports local businesses and contributes to a more vibrant, 24/7 downtown atmosphere, moving away from a district that empties out after business hours.

The Clark Building's history—from its days as a corporate headquarters to its brief stint as a Greyhound transportation node—highlights its significance in Milwaukee’s urban narrative.

The Road Ahead: Securing Final Approvals and Construction

While the initial rejection for the 9% LIHTC was a major hurdle, the commitment of J. Jeffers & Co. to pursue the 4% tax credit demonstrates the project’s resilience and the strong need it fulfills. The future of the $64 million development now rests on the decision of WHEDA and the successful assembly of the complex financing stack.

If the 4% tax credits are secured, the projected 16-month construction timeline would commence, with a completion date potentially in late 2027 or early 2028. This would mark a triumphant moment for the developer and a significant victory for affordable housing advocates in Wisconsin.

The Clark Building conversion is a test case for how Milwaukee and other cities can creatively solve the dual problems of office obsolescence and housing shortages. The successful transformation of this landmark will not only provide 214 homes but will also set a precedent for future adaptive reuse projects across the Midwest.

The $64 Million Pivot: How Milwaukee's Clark Building is Fighting to Convert 214 Units into Affordable Housing
clark building affordable housing conversion milwaukee
clark building affordable housing conversion milwaukee

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