Since June 2014, CARW has partnered with the City of Milwaukee and Milwaukee County to market the Park East land in Downtown Milwaukee. The land currently encompasses a total of 12 acres consisting of 10 acres west of the Milwaukee River and 2 acres to the east. CARW and the County have fielded many inquiries about the Park East land over the past 15 months, and while several proposals have been submitted, it has sat barren for more than a decade.
One recent proposal stood out to the County-appointed selection committee and it was selected in a transparent fashion that included a rolling RFP process. On September 9, Milwaukee County accepted an offer from Head of the Herd to purchase the 10 acre parcel west of the Milwaukee River for $1. Head of the Herd is the development group led by Milwaukee Bucks investors and other individuals. This land, over the next decade or so, will be the location of a new Bucks practice facility, multi-family developments, office buildings and restaurants. Located just north of the site of the new arena, this area is a gateway for Milwaukee and a $400 million development opportunity for our city.
As many members are aware, the Park East land, while in a desirable location, requires much work and significant cost to convert it into a developable site. As the new owners, Head of the Herd is committed to investing in this remediation. In addition, they have agreed to meet all requirements outlined in the PERC (Park East Redevelopment Compact). They are also committed to working with the community and local partners on next steps. Some of you are communicating with them already, and many will in the coming years.
You can read more about the land sale details and next steps with the County HERE.
ONE BLOCK AVAILABLE:
Given this new deal, we have seen properties surrounding the Park East sell. There is currently one Park East lot available and it is located east of the river. Marketing materials and information about submitting a proposal may be found HERE. You may also call the CARW offices at 414.271.2021. We encourage you to view the information and help us fill the Park East Corridor with jobs and economic development.
On September 22, the City of Milwaukee Common Council will vote on the construction of a parking garage and use of a TIF for a portion of the Park East. CARW leadership has been meeting with local officials and as mentioned in the past, we believe the votes will be there. Outside of the Common Council vote, there are still many details regarding the building lease and other contracts that are being handled by Bucks leadership behind the scenes.
WHAT CAN YOU DO?
Many of you have asked what you can do – and yes, we have one more opportunity to make a strong showing. We can send letters of support to the Common Council members of the City of Milwaukee. Click HERE to access the pre-filled MMAC communication.
Thank you for your advocacy and please, if you have questions, let us know.
Chairman, Commercial Association of Realtors of Wisconsin