The long-delayed Couture high-rise could be finally close to completing its financing package. (Photo: Rinka)

A federal deadline is close to being extended for a transit plaza tied to the delayed Couture high-rise on downtown Milwaukee’s lakeshore.

That would save county taxpayers $6.7 million.

Barrett Lo Visionary Development LLC’s application for a loan guarantee from the U.S. Department of Housing and Urban Development was submitted on Sept. 1, and is still pending before that agency.

Barrett Lo submitted the application after it secured investor financing for the apartment tower. The firm can finally begin construction if it receives the HUD loan guarantee.

The 44-story Couture, 909 E. Michigan St., would feature a public transit plaza that would complete the lakefront loop for The Hop streetcar.

The Federal Transit Administration plans to waive a $6.7 million debt owed by Milwaukee County if the transit plaza opens.

The debt is tied