MILWAUKEE — Milwaukee County officials plan to sell their last full block of Park East land in downtown Milwaukee to Wangard Partners Inc. for a $52 million development with apartments, retail space and a parking structure.
The development would be on the more than two-acre block bordered by North Water Street, North Broadway, East Ogden Street and North Milwaukee Street.
The Milwaukee developer this fall responded to the county’s call for development proposals for the land.
According to the Milwaukee Business Journal, the outline of its development plans are similar to a proposal Wangard Partners submitted to Milwaukee County for the same land in 2013. The latest proposal, dated December 18th, has the same renderings by Eppstein Uhen Architects used in Wangard’s 2013 proposal. In 2013, the earlier proposal was rejected.
Wangard Partners’ chief executive officer Stewart Wangard said the development is similar, but slightly larger than the 2013 plan. He declined to comment on details, the Milwaukee Business Journal says.
Milwaukee County Executive Chris Abele released the following statement:
Milwaukee County Executive Chris Abele on Wednesday, December 30th announced the next major economic development in the Park East, recommending acceptance of a development proposal from Wangard Partners for Park East Block 22 that will be valued at $47 million and is expected to create hundreds of new jobs and generate more than $1.4 million in property tax revenue per year.
Wangard’s proposal includes a $2.4 million purchase price, makes a commitment to 30 percent Disadvantaged Business Enterprise (DBE) participation, and will enhance existing workforce development initiatives in Milwaukee County by hiring apprentices for the more than 200 construction jobs the project will support. The planned project will be a sustainable mixed use development with needed residential units, street-front retail, and concealed public parking and bicycle parking.
In addition to expanding the tax base and creating hundreds of family-supporting jobs, to include more than 100 permanent, end-use jobs, the proposal from Wangard Partners will be designed to Energy Star standards, use locally sourced materials throughout, and incorporate green design elements like water-efficient landscaping. Wangard has also proposed working with the City of Milwaukee and Milwaukee County to determine whether community car and/or electric vehicle charging stations and other sustainable transportation systems like the Bublr Bike will be incorporated.
“Right now there’s no better place for investors like Wangard Partners to launch major projects than Milwaukee, and that’s why the County’s Office of Economic Development has aggressively pursued opportunities to attract developments that will continue and expand the unprecedented jobs and construction boom we’re experiencing,” Milwaukee County Executive Chris Abele said. “As I said a few months ago, the new arena is only the beginning of long-term economic development at the Park East and throughout Milwaukee County.”
“Wangard Partners is thrilled to be a part of Milwaukee’s ongoing renaissance,” Stu Wangard, CEO of Wangard Partners said. “We believe that our proposed project in the Park East will enhance the developing neighborhood and attract even more economic development, helping the entire downtown area thrive. We appreciate the aggressive and innovative approach that County Executive Chris Abele and his team have taken when it comes to economic development, and look forward to partnering with them on this project as it develops.”
CLICK HERE for much more on this story via the Milwaukee Business Journal.