MILWAUKEE -- Milwaukee County Executive Chris Abele, Milwaukee Bucks President Peter Feigin and leaders from the construction and trade industry in Milwaukee were present on Wednesday, September 9th when a land sale was announced related to the Bucks downtown arena. Land in the city's Park East Corridor has been sold to the Bucks for $1. But that sale does not include two plots in the Park East Corridor, along Water Street.
Park East Block 22 is still open for bids, as part of the rolling (request for proposals).
Block 22 consists of two plots, totaling just over two acres along Water Street near Ogden in downtown Milwaukee.
"It`s prime real estate," Tracy Johnson, president and CEO of the Commercial Association of Realtors said.
It's also the last portion of property in the Park East Corridor which remains available for development.
"What`s really great about this land is you`ve got lots of development already around it," Johnson said.
But if you're interested in this land, you should also be educated about it.
"There was a major freeway on this land. You just don't know what's under there. You`re really talking about a proposal. You`re talking about what is the investment in the land?" Johnson said.
With no minimum bid requirement, Johnson says the $1 price for the land sold to the Bucks may be misleading.
"When you talk about selling it for a dollar, you have to consider all the other things that go into considering that proposal," Johnson said.
From remediation costs to job creation, Johnson says the consideration is comprehensive. Proposals are accepted and reviewed monthly by the unidentified members of a committee.
"They will consider them based on a scorecard -- and they will make a decision whether to hold it or whether to move it forward," Johnson said.
Johnson says any viable development proposal for Block 22 is welcome.
She adds that the "rolling request for proposals" doesn't have a definite term, so if you're interested, you're advised to get more information.
Proposals are due the first Monday of every month beginning August 3rd, 2015 to the County Clerk’s office, 901 N. 9th Street, Room 105 in Milwaukee.
CLICK HERE for more information on Block 22.