Before the City’s RiverWalk Initiative was formalized, limited project-specific activity was underway along the river frontage, concentrated in downtown. Financed through a partnership between the property owner, the Greater Milwaukee Committee, and the City of Milwaukee, the very first segment of RiverWalk was constructed adjacent to the former Gimbels Department Store (currently Borders Bookstore) in 1985. At the time of construction, a RiverWalk Civics Committee was moving plans forward for a small park and boat landing at the foot of East Mason Street and a RiverWalk along the the Milwaukee Center (Theater District), the Performing Arts Center, and Pere Marquette Park.

By the time the RiverWalk Initiative was formalized in 1993, additional RiverWalk segments had been constructed, including the Milwaukee Center, 100 East Wisconsin Avenue, Riverfront Plaza (currently the Third Street Pier), Michigan Avenue to Clybourn Avenue (home to the Iroquois), and Bank One. RiverWalk development soon linked the Riverside Theater, the Pabst Theater, the Milwaukee Repertory Theater, the Grand Avenue Shopping Center, the Performing Arts Center, and the Water Street/Old World Third Street nightlife area.

As RiverWalk development continued in the downtown, property owners in collaboration with the City formed a Business Improvement District (BID) for the purpose of constructing and maintaining the downtown RiverWalk.

Approved by Council in March 2004, the district encompasses the portion of the Milwaukee River corridor which runs through downtown. The BID's primary objective is to complete improvements along the river that will increase public access to the Milwaukee River and promote, attract, stimulate and revitalize commerce within the city. Constructed improvements within the District are adjacent to many of Milwaukee’s major entertainment and recreational sites as well as numerous retail and dining establishments.

The City and BID share the costs of RiverWalk construction and other RiverWalk capital expenditures in accordance with the terms of a Development Agreement. Property owners with a RiverWalk constructed on their river frontage are solely responsible for maintaining such riverwalks to a standard acceptable to the City and the BID. If a property owner fails to maintain its RiverWalk, either the City or BID may perform any necessary work on such RiverWalk and the cost therefore, shall be specially assessed directly against such property owner.

Construction of Riverwalks within the Downtown Section must follow the Milwaukee River Design Guidelines.