2010 Not the Year of the Park East… Even Worse
Our belief that 2010 could have been the Year of the Park East, came up a bit short, and unfortunately it wasn’t the only project that was derailed in 2010. The Rainier Properties II LLC’s office and movie theater proposal hasn’t budged. The CommonBond project, an apartment proposal on RSC’s Park East land, failed to receive WHEDA tax credits so it stalled. In fact nothing actually broke ground in the Park East, and most Park East proposals have gone quiet during this past year.
That said there were a couple of significant advances in the Park East. First, The Moderne finally received financing, and although it has yet to officially break ground, site preparation started this past week. Secondly, The North End Phase II project received a funding agreement from WHEDA, though it is still working with the City of Milwaukee to complete the project’s financing. Finally, MSOE proposed the building of a parking garage/athletic facility in the Park East which seems to be on the fast track. So with an improving economy it looks possible that the Park East project will be able to get back on track in 2011.
Clearly, 2010 wasn’t the year of the Park East, though certain projects did move forward, unfortunately for Milwaukee it turned out to be a year of anti-urban rhetoric that cost us much more than the pennies a year high-speed rail service would have cost Wisconsin.