Jeramey Jannene

New Park East Request for Proposals

By - Mar 24th, 2008 07:16 pm
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Milwaukee County intends to issue a request for proposals (RFP) for a Park East corridor plot of land on the western end of the reclaimed land, near the former Pabst brewery.

With developments finally getting off the ground on formerly RFP’ed plots on the eastern end of the corridor, and redevelopment moving full speed ahead at The Brewery it seems logical to move forward at this time and put another plot up for sale. The proposed plot is the one east of 6th Street, north of West Winnebago Street, and south of McKinley Avenue.

On the flip side, Robert Ruvin had a harder time securing a loan for his development inbetween 3rd and 4th Streets after the market began to turn. Construction hasn’t even started there yet, and a demo unit is in the works to begin condo sales starting in April.

Is it therefore logical to put the chance of another development on the market and potentially damage development going on on other parcels? Yes, well it would be great if the county could let every development get to 100% before triggering another I think it’s important to continue to grease the wheels for other developments to get off the ground.

Plus, in all reality by the time the county put out the RFP, it’s going to be at least two years before construction even breaks ground. That will give other developments plenty of time to sell units..

The worst thing that could happen is the current credit crunch could toward around, and for the downtown area to be caught with a lack of available units and development going on. If people want to move downtown, and it appears they do, the county and city should continue to encourage developers to get projects off the ground that produce urban infill and add to the strength of downtown. They’ve done a good job of that so far, and I hope they don’t pull this sale in the event of a market downturn.

I expect that further development in the corridor is only going to accelerate the pace of sales and leasing of space, and increase the amount of developers wanting to put up buildings. It’s hard to sell someone on living next to a bunch of gravel lots, but it’s going to be ease to sell them on living amongst a lot of new, pedestrian-friendly developments within walking distance of the city’s best assets.

Categories: Real Estate

2 thoughts on “New Park East Request for Proposals”

  1. AARON DIXON says:

    VERY DISAPPOINTED IN THE MOVE BY RUVIN TO THE NEW DESIGN FOR THE KIMPTON. THE NEW DESIGN LOOKS DRAB, SOMEWHAT DEPRESSING, AND SOMEWHAT SUBURBAN. THE MILWAUKEE TEAM DESIGNED A BEAUTIFUL WORK OF ART. A STATEMENT TO THE PUBLIC EVERYWHERE. WHEN WILL WE STOP GETTING SOLD OUT TO NOTHINGNESS.

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