$700M Milwaukee development proposed could include state's tallest building
MILWAUKEE - The City of Milwaukee announced on Wednesday, July 24 the selection of The Neutral Project, LLC as the developer for the Marcus Performing Arts Center (MPAC) parking garage at 1001 North Water Street.
A news release says the project was designed by MGA | Michael Green Architecture – and could include the tallest building in Wisconsin – at 55 stories (613 feet) high.
What's on the table
Officials said The Neutral Project proposes to build a multiple mixed-use building(s) with a total investment of over $700 million. Over several phases, the project could include up to 750 residential units, 190,000 square feet of office space, 40,000 square feet of retail space, 300 hotel rooms, 1,100 structured parking spaces and public plazas/walkways.
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The release says the City’s Connec+ing MKE Downtown Plan 2040, approved in 2023, identified redevelopment of the parking garage property as a project important to the future success of downtown. In the fall 2023, the city conducted a Request for Proposals (RFP), seeking redevelopment proposals for the property. After a review of the submissions, the proposal from The Neutral Project, LLC was chosen for best meeting the goals and criteria of the RFP.
Milwaukee Mayor Cavalier Johnson issued the following statement in the release:
"As Mayor, I have not been shy about my goal to grow our city’s population to one million Milwaukeeans. To do that, we need to be aggressive and reach for new heights. This project will help us do just that, literally aiming to set local and global records, but just as importantly add density and activity to an underutilized City-controlled parcel in downtown Milwaukee. It also represents a forward-thinking Milwaukee, open to outside investment and ideas, and I thank The Neutral Project for their confidence in Milwaukee’s future."
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City officials are proposing a one-year exclusive right to negotiation (with possible extensions), subject to Common Council approval, which gives the development team time to secure tenants, secure financing, and finalize the project plans.