Bradley Center plan footprint may grow
23.05.2008 03:01
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- Source: JS Online
An attempt to develop restaurants and stores north of the Bradley Center could be expanded to include more land for additional retail space, as well as proposed office buildings and downtown housing. The proposal, created by Indianapolis-based Lauth Property Group, calls for development on a parking lot and other parcels owned by the Bradley Center between N. 4th and N. 6th streets south of W. Juneau Ave. Lauth also envisions the possibility of development on a vacant parcel north of Juneau Ave. between 4th and 6th streets, according to people familiar with the plan. That tract, owned by Milwaukee County, was made available for development when the Park East Freeway was demolished. But the county hasn't put the parcel on the sale block yet, and there's no guarantee Lauth would be the buyer once the parcel is eventually sold. Lauth executives began marketing their downtown Milwaukee plan at this week's International Council of Shopping Centers Global Retail Real Estate Convention in Las Vegas. The annual event is a showcase for developers pitching new projects to retailers. Lauth spokesman Marc Lotter declined to comment Thursday on the company's Bradley Center plan. "The Bradley Center is in the preliminary stages of a development process, and any ideas being shared now are in the early concept phase," said Steve Costello, president and CEO of the Bradley Center Sports and Entertainment Corp., in a statement. No time frame for saleBob Dennik, the county's economic development director, acknowledged Lauth's interest in the Park East site. But there would likely be other prospective bidders for the 6-acre tract, he said. County officials do not have a specific time frame for when the land will be put up for sale. Dennik said county officials first want to complete the sale of other Park East parcels, including some controlled by developers under purchase options. The city's Park East redevelopment plan calls for the county-owned parcel to include entertainment uses that complement the Bradley Center, as well as offices and housing. However, another nearby development proposal, for the block north of Juneau between Old World 3rd and 4th streets, recently dropped its office component because it wasn't deemed to be a good use for the site. That plan, proposed by Dallas-based Gatehouse Capital Corp., calls for a 184-room Kimpton Palomar Hotel and 65 condos. Gatehouse and its local partner, Ruvin Development Inc., need to sell 30% to 50% of the project's condos to obtain financing for the development. The Lauth development site is among locations Target Corp. has considered for a possible downtown store. Minneapolis-based Target also has looked at a parking lot south of W. Michigan St. between N. Plankinton Ave. and N. 2nd St. owned by Chicago-based Clark Street Development and a city-owned parking lot south of W. Wisconsin Ave. between N. 4th and N. 5th streets. The city-owned parcel is controlled under a sales option held by Charlotte, N.C.-based developer Ghazi Co. The Bradley Center and Lauth announced in December they were forming a partnership to pursue development on land adjacent to the sports and concert arena. Lauth executives say the 1.5 million people who attend Bradley Center events annually create a powerful attraction for restaurant and store owners. A development would create a new revenue stream for the Bradley Center, which is owned by a nonprofit corporation. Center officials say new revenue is needed to maintain the building and serve the building's tenants, especially the Milwaukee Bucks.
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