"There is interest:" With a site and a plan for a new Bucks arena, potential investors ready to act
MILWAUKEE (WITI) -- It's a day they have been waiting for! Those who work with businesses and developers say potential investors are ready to act now that they know the site and potential design of a new Milwaukee Bucks arena and entertainment district in downtown Milwaukee. Calling it "a very, very exciting day," the Milwaukee Bucks and its design team released on Wednesday, April 8th, the first images and details of their vision for the development of a new multi-purpose, $500 million arena and another $500 million sports and entertainment district to help revitalize downtown Milwaukee.
The additional $500 million of investment around the new arena would cover the Park East land, which is currently vacant. Those in the real estate business say if this plan comes to fruition, it wouldn't stay vacant for long.
"People have said 'we need a site. We need a plan to move forward.' There`s a lot of momentum here and we`re just getting started," Tracy Johnson, president of the Commercial Association of Realtors said.
Johnson says the idea of developing the land around a new downtown arena has long attracted interest beyond Milwaukee's borders.
"We talk to business owners and we talk to site selectors every day. Our members are constantly talking with them about the opportunities and there is demand. There is interest -- especially out-of-state interest in investing in this region," Johnson said.
Supporters of the Bucks arena plan describe an entertainment district that would attract people to downtown Milwaukee 365 days a year -- one with commercial, retail and residential development. Unlike the arena itself, supporters believe the entertainment district development could be almost entirely privately funded.
"I think what you`re gonna see is a significant amount of this investment is private sector investment -- whether it`s commercial, retail -- whether it`s residential. You`re gonna see a lot of private sector investment attracted to this public-private partnership," Tim Sheehy, president of the Metropolitan Milwaukee Association of Commerce (MMAC) said.
While the entire project would take an estimated 10 years to complete, Johnson says it has the potential to permanently transform downtown Milwaukee.
"This is absolutely gonna be a win-win-win all the way around!" Johnson said.
During its presentation Wednesday, April 8th, Bucks officials and designers mentioned Los Angeles and Columbus, Ohio as examples of cities that built new arenas as part of a larger entertainment district.
• The arena and entertainment live block anchor an ambitious new vision activated by sports, entertainment, residential and office uses.• Fronting existing Fourth Street and proximate to Old World Third Street, the site connects to the greater Milwau