After today’s news, nationally 2010 might go down as the year of high-speed rail, but here in Milwaukee it just might be the year of the Park East. By looking at the economy and listening to all of the talk of doom and gloom one would think this isn’t very likely, but it sure seems that momentum is building in the Park East corridor.

First, up of course is The Moderne, which borders the Park East and is scheduled to break ground in February. This $56 million 30-story high-rise apartment project received city financing in late 2009 and when built out could serve as a catalyst to further development in the corridor.

Another significant project that appears to be advancing is the first phase of RSC & Associates’ Park East Square proposal. This first phase would include a 120-unit apartment building with 4,000 square feet of retail space. Recently it received assistance from the Redevelopment Authority of Milwaukee (RACM) which would issue $25 million in revenue bonds to help the project move forward with the intent of breaking ground in late spring. Although,RSC & Associates have failed to meet ground breaking goals in the past with RACM’s assistance it appears this project is likely to move forward.

At a Zoning, Neighborhoods & Development committee meeting in October, 2009 Department of City Development (DCD) Commissioner Rocky Marcoux stated that Mandel Group would be bringing forward the second phase of the North End shortly. As of yet this hasn’t occurred, but with the success of the first phase, combined with Mandel Group finishing up two major projects,Corcoran Lofts and Cambridge Commons, elsewhere in the city this year, they might look to continue their development within the Park East.

The $76 million Eco-Square at Park East proposal by Fair Market Development would build out 400 residential units and 10,000 square feet of retail space in Block 22 of the Park East if it were to move forward this year. Unfortunately, as there hasn’t been any recent news regarding this project it seems like the least likely of the projects to move forward in 2010.

Finally, Rainier Properties II LLC’s office and movie theater proposal looks promising as Marcus Corp., has formally committee to the $100 million project. The potential time line for this project probably will push it beyond 2010, as various approvals, financing, and a likely city fundedTIF will need to be worked out prior to ground breaking. If it is able to meet those requirements this project could dramatically change downtown Milwaukee for the better. Because, it is one of the key sites in the Park East corridor, would fulfill the long talked about downtown movie theater need, further extend theRiverwalk, and be a socially diverse meeting place that Milwaukee needs.

Certainly, there will be plenty of land in the corridor to develop post 2010 and only a couple of these projects will actually break ground this year, but with the addition of new density, new entertainment options, and new office space, it might just be that 2010 is remembered as the year of the Park East.

The $55.24 million The Moderne high-rise development has begun preparing for construction. Recently, the shipping container building that housed The Moderne’s sales office was packed up and removed from the site. Additionally, utility work is ongoing adjacent to the site as the property is being staged for construction.

Would Milwaukee be better off with the Park East Freeway spur intact? No. Has development been slow so far? Yes. Is that a problem? Only if you have a short-term perspective on the future of Milwaukee.

The Moderne development received approval for $9.3 millions in loans from the City of Milwaukee that led developer Rick Barrett had been seeking. At last week’s Zoning, Neighborhood & Development Committee three significant concerns were expressed by committee members, all of which were worked out prior to today’s Common Council meeting.

The Moderne, if approved, would be located at 1141 N. Old World Third St. The high-rise project would include 203 rental units, 14 condominiums, 214 parking spots, and a retail component. The plan included expanding the Park East TID by $11 million to provide for $9.3 million in loans for the Moderne , $650,000 for the construction of a new park, and $850,000 for administrative costs. The majority of funding for the project, a $41.4 million loan, would be serviced through Capmark Financial Group, funded with AFL-CIO pension funds, and guaranteed by HUD.

The Moderne, the long awaited project on the corner of 3rd and Juneau, is moving ahead. The City, through RACM, is aiming to provide $10,000,000 in financial assistance to the project. A deal that is very likely to be approved. The building is to be largely an apartment building with first floor retail and a few condos at the top three floors. Originally intended to be 80 condos, the project is now 154 apartments and 33 condos spread over 30 floors.