Dave Reid

RSC & Associates Plan to Break Ground on Park East Square in 2012

By - Mar 1st, 2012 02:03 pm
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In December 2007 RSC & Associates closed on the purchase of Block 26 in the Park East for $2,725,000.  Since then RSC & Associates has attempted a variety of method to develop the site, but due to economic conditions were unable to begin construction.

The project has evolved multiple times since 2007. Early in 2011 RSC & Associates had planned to break ground on a 122-room Hyatt Place Hotel, a 108-room Hyatt Summerfields Suites Hotel, retail space, and a 121-unit resident apartment building with a 277 space parking garage.  Additionally, there was then an effort to work with CommonBond Communities to obtain 9% tax credits to develop the apartment building portion of the project.  The project got so far as receiving an allocation of Midwest Disaster Recovery Bonds from the City of Milwaukee, but RSC & Associates was unable to complete the rest of the financing to get the project off the ground at that time.

The current version of the project has been broken into phases.  The first phase, will include 85 market-rate apartments, 14,600 SF of retail, and 246 parking spaces.  RSC & Associates is currently working with the city on updated massing and elevations for the proposal, and have requested to appear before the Milwaukee County Community and Economic Development Committee.  According to a letter submitted to Milwaukee County, RSC & Associates has “entered into a partnership with a local Milwaukee developer who is a very strong, well respected real estate development firm headquartered in Milwaukee with experience in almost all types of real estate including multifamily”, which should help to move the project forward this year.  According to the letter they “expect to receive approval to move forward with the hopes of starting construction by mid-year.”

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7 thoughts on “RSC & Associates Plan to Break Ground on Park East Square in 2012”

  1. Jeff says:

    Please post renderings when they become available

  2. Dave Reid says:

    @Jeff Will do… I just wasn’t able to find any available yet.

  3. Dave Reid says:

    @Justin Thanks! I believe that is the current rendering… I’ll see if we can run it… thanks!

  4. Jim Tarantino says:

    Someone (HINT DCD) needs to put together an interactive web-based map of the Park East redevelopment and update it as things evolve. Perhaps you could plant the seed with the new Park East taskforce/workgroup as “produce a website” is usually the first action to emerge from these efforts.

  5. Dave Reid says:

    @Jim It isn’t the most interactive but I believe there is a website for the Park East project that is updated as projects move forward.

  6. Chris says:

    Woof. The rendering gives me very little hope that this will be a nice project. How about working with the City AND a talented architect?! This has cheapo-developer-shlock written all over it… Please, prove me wrong.

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