What is commonly referred to as the “Third Ward” is actually a number of organizations that work closely together to promote its economic development.

Business Improvement District No. 2 (BID), a state statute-enabled entity created in 1987 by the City, which has the power to levy assessments on business property. The nine-member board is appointed by the Mayor of Milwaukee, subject to Common Council approval. Each year the BID is responsible for submitting an operating plan, which includes the budget and goals for the year, to the Common Council as part of the City's budget. The operating plan includes any proposed assessments, which the BID Board has approved and the assessment formulas, which determine the assessments paid by individual property owners. The BID is classified as a quasi-governmental body, which is treated as an extension of the City.

The Historic Third Ward Association (HTWA), a private non-profit, financed through a combination of the BID, City and membership support. Created in 1976, the Association's goal is promote the economic interests of the Ward.

The Architectural Review Board (ARB), a City-created entity, which issues certificates of appropriateness, based on guidelines adopted by the Common Council.

A nationally listed Historic District, created in 1984, which includes 70 buildings spread over 10 square blocks.

Two Tax Increment Districts (TID), which were used to fund streets capes improvements, a 500-car parking structure and the extension of the Milwaukee River Riverwalk into the Ward.

The BID has traditionally provided the strategic direction and financing for projects in the Ward. The HTWA, which is primarily funded by the BID, has provided the horsepower and creative energy for implementing goals and objectives. The ARB has been responsible for developing appropriate development standards for renovations and new construction. The driving force behind each one of these entities has been the willingness of individuals to donate time and expertise. The Ward has also benefited from strong consistent support from the City, both in terms of creating control mechanisms and responses to development issues. For example, the City financed a 500-car parking structure through a TID; the same TID financed streetscapes improvements, which have enhanced the area's identity.