Milwaukee County Executive Scott Walker announced today the closing on the sale of the first parcel of land on the former Park East freeway site to RSC Development. The parcel located between Jefferson, Milwaukee, Lyon and Ogden Streets on the north end of Downtown.

RSC will build a Hyatt Place Hotel, Hyatt Summerfield Suites, retail opportunities and 100 luxury apartments and five town homes. The 2.1-acre site sold for $2,725,000.

"This is a great step toward reclaiming the Park East Freeway corridor for growth and opportunity, said Walker in a release. "We look forward to working with Rich Curto and RSC Development on this area."

Curto, president of RSC Development said, "This is a great opportunity for us and we are excited in continuing down this road with Milwaukee County and look forward to working with them on block two and other projects in Milwaukee County."

Walker said the development will add $65 million to the property tax base of Milwaukee County and will provide a significant number of jobs for area residents.