Is Bucks Arena a Done Deal?
The way the team's owners are buying up downtown land, they're clearly certain the deal will pass.
Despite the political turmoil in Madison, Milwaukee Bucks ownership has been moving along as if the new arena deal was going to be approved.
According a Business Journal story by Sean Ryan the Bucks ownership bought two lots near the proposed arena. A 0.2 acre lot at 1129 N. Old World Third St., between The Loaded Slate and Ugly’s Pub, was purchased for $750,000 by Deer District LLC (Milwaukee Bucks) from Jackson Street Holdings LLC. The second lot is just south of Ugly’s Pub.
Bucks spokesman Jake Suski told Ryan in an email that the land will link the new sports and entertainment district with N. Old World Third St.
But more importantly then the two sites linking to N. Old World Third St., according to a story in the Journal Sentinel by Tom Daykin, a key parcel that sits in the way of the proposed arena was also acquired by the Deer District LLC, and they had pay up to do it. The 5,000 square foot lot and building that Kissinger’s Meats is located in, at 505 W. Juneau Ave., only had an assessed value of $217,000 but the Bucks paid $2.5 million for it.
Beyond real estate purchases, according to a story by Ryan, the Redevelopment Authority of the City of Milwaukee approved the city’s $47 million contribution to the new Bucks’ arena. The funds will come from two TIF districts. $27 million will be used to pay for a new 1,243 car parking garage, $12 million will assist in the building of the public plaza, and $8 million will pay back an $8 million loan by the Bucks. This is just the first, of many approvals, that the city will need to make prior to final approval of the Bucks’ deal.
As our columnist Steven Walters writes, the state proposal to subsidize the Bucks arena will need support from Democratic legislators and its passage is still not certain. But clearly the Bucks feel it’s a done deal.
More Area News
The BizTimes reported that Las Vegas-based MVP REIT Inc. purchased a 0.95 acre parking lot not far from the proposed arena from Progency Capital Partners LLC. The lot at 215 W. Wells St went for $3.9 million. MVP REIT Inc. manages parking lots throughout the country.
Milwaukee School of Engineering (MSOE) spent $3.5 million to acquire a 1.8 acre parking lot from BMO Harris Bank, according to a story by Daykin. The lot is bounded by N. Water St., E. Knapp St., N. Market St., and E. Juneau Ave. which is located across E. Juneau Ave. from MSOE’s Grohmann Tower, a student apartment building.
On July 1st, Ryan reported that Milwaukee County issued a request for proposal for its last remaining Park East block on the east side of the Milwaukee River. The lot is boarded by N. Water St., N. Milwaukee St., E. Ogden Ave., and N. Broadway. This was the site of a proposed $60 million mixed-use development by The Opus Group and Mercy Housing Lakefront. That project never materialized.
In Other News…
- A bid was published for new construction work on a $122 million hotel, multi-residential, parking garage, restaurant, and retail project in Milwaukee with an October 12, 2015 start date. For long time readers, what project does that sound like to you?