Milwaukee County Executive Chris Abele today announced the next major economic development in the Park East, recommending acceptance of a development proposal from Wangard Partners for Park East Block 22 (bounded by Milwaukee Street and Broadway, Water Street and Ogden Avenue) that will be valued at $47 million and is expected to create hundreds of new jobs and generate more than $1.4 million in property tax revenue per year.
Wangard’s proposal includes a $2.4 million purchase price, makes a commitment to 30 percent Disadvantaged Business Enterprise (DBE) participation and will enhance existing workforce development initiatives in Milwaukee County by hiring apprentices for the more than 200 construction jobs the project will support. The planned project will be a sustainable mixed use development with needed residential units, street-front retail, and concealed public parking and bicycle parking.
In addition to expanding the tax base and creating hundreds of family-supporting jobs – to include more than 100 permanent, end-use jobs – the proposal from Wangard Partners will be designed to Energy Star standards, use locally sourced materials throughout and incorporate green design elements like water-efficient landscaping. Wangard has also proposed working with the City of Milwaukee and Milwaukee County to determine whether community car and/or electric vehicle charging stations and other sustainable transportation systems like the Bublr Bike will be incorporated.
"Right now there’s no better place for investors like Wangard Partners to launch major projects than Milwaukee, and that’s why the County’s Office of Economic Development has aggressively pursued opportunities to attract developments that will continue and expand the unprecedented jobs and construction boom we’re experiencing," Milwaukee County Executive Chris Abele said. "As I said a few months ago, the new arena is only the beginning of long-term economic development at the Park East and throughout Milwaukee County."
"Wangard Partners is thrilled to be a part of Milwaukee's ongoing renaissance," Stu Wangard, CEO of Wangard Partners said. "We believe that our proposed project in the Park East will enhance the developing neighborhood and attract even more economic development, helping the entire downtown area thrive. We appreciate the aggressive and innovative approach that County Executive Chris Abele and his team have taken when it comes to economic development, and look forward to partnering with them on this project as it develops."