Luxury high-rise proposed for Milwaukee's Historic Third Ward

MILWAUKEE (CBS 58) -- Another high-rise building is in the planning stages for Milwaukee. It's a 32-story apartment tower and developers want to build it in the Historic Third Ward. 

Renderings of the proposed building were shared Wednesday, May 19. The building would stand at Water Street and St. Paul Avenue, close to the Milwaukee Public Market. 

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Milwaukee's architectural review board voted 6-1 in favor of the building's height and concept. 

The building would go up in Alderman Bob Bauman's district. He calls it a "positive development" for the city. 

"It'll involve no public subsidy. So the tax base will instantly be expanded in the city of Milwaukee by the assessed value of that property, probably around $140 million figure," Alderman Bauman said. 

The Architectural Review board still has to give final approval to the tower. 

It would stand just a few blocks away from where construction recently began on The Couture complex on Michigan Street.