MILWAUKEE -- The Milwaukee Bucks released on Friday, February 24th renderings of the $17.5 million apartment complex that will be built next to the new arena. The team selected Milwaukee-based Royal Capital Group LLC to develop the 90-unit apartment structure within the new arena district. Officials believe the privately-funded complex will help make growth around the arena contagious.
The proposed residential development will be located along the eastern side of N. Sixth St. between W. Juneau Ave. and W. McKinley Ave. Construction of the residential units is expected to begin around September when the neighboring parking garage is completed.
"This is the realization of residential. This is the living part of working, living, and playing," said Bucks President Peter Feigin.
The 90-unit complex will be built along Sixth Street facing west, immediately north of the new arena. The parking structure is already under construction.
The development will include micro, one-bedroom and two-bedroom floor plans, including some designed as two-story lofts. The street level will feature a café, flexible event space, and a sports lounge open to both residents and the general public. The complex a rooftop terrace and club room, fitness center and multiple indoor/outdoor lounges.
"This is true development that kind of goes beyond the private-public of the parking structure, the plaza, and the arena. So this is significant growth," Feigin said.
Friday's event also celebrates the project's developer, Kevin Newell -- a Milwaukee native getting his shot at a signature project.
"Here's private development that's being led by an African-American development company. We're not talking about minimum requirements for building -- and we have that to -- but this is leadership," said Milwaukee County Executive Chris Abele.
Newell hopes there will be a ripple effect -- that seeing a successful developer from Milwaukee's north side will inspire others to pursue business careers.
"I'll be working with my firm closely to further help the younger developers that are coming up as far as their overall portfolio goes," Newell said.
Newell and the officials expect this complex to spur private investment outside the Park East land. Considering the public's cost for the new arena is an estimated $400 million after interest, getting taxpayers their money's worth will depend largely on how much private development sprouts up in and outside the arena district.
"If you look at the Park East land that’s not the arena, that is completely committed to, that’s hundreds of millions of private money, thousands of jobs in development, and there’s no way that would be happening right now had we not done the arena project," Abele said.
Construction of the project will begin around September. The units are expected to be finished by fall 2018 -- in time for opening night at the arena.