In a 5-0 vote Tuesday morning, the Milwaukee Common Council's Zoning, Neighborhoods & Development Committee backed the financing for the redevelopment of the old Pabst Brewery site, located northeast of campus.

"I am thrilled that Joe Zilber stepped forward to take this on," said Fourth District Alderman and committee member Bob Bauman. "No firm is more qualified to do this."

Joseph Zilber, 90, is the owner of Zilber Ltd., a local development firm, and a 1941 Marquette Law School graduate. Brewery Project, LLC is an offshoot of the company, and Zilber is the sole owner of the Pabst site, which he bought for $13.4 million in August.

The Common Council committee voted to support Tax Incremental Financing for the site, revise the area's zoning and rededicate the brewery's streets. TIF is a system where the city uses revenue gained from a project to pay off the money initially borrowed to fund it.

Brewery Project plans on creating a neighborhood on the site with a mixture of housing, businesses, retail and parking. It will cost the city $29 million.

"This is unique because the city is our partner in this. There will be a 50-50 split on profits, which is unusual for a big project," said Mike Mervis, vice president of the Brewery Project.

Mervis also said Marquette should have a vested interest in the Pabst Brewery project because it will stimulate additional development west of Highway 43.

The Common Council will vote on the redevelopment Dec. 12.

"The Pabst has basically been abandoned for 10 years and there is a lot of work to do," Mervis said. "This is the beginning of the process and we are very, very pleased so far."