Milwaukee Journal Sentinel: UWM drops plan to put freshwater school at lakefront site
For months, it seemed certain that the University of Wisconsin-Milwaukee (UWM) was going to have a brand new School of Freshwater Sciences at the former Pieces of Eight restaurant site.
Almost immediately, the announcement of the site location drew criticism. Opponents argued that the site should remain available for public use and be turned into green space along the lakefront.
Apparently the opponents won this battle. In a surprise move, university officials announced that they are cancelling their plans to build the school on that site and will immediately resume their search for another location.
The university’s decision was made just one month after Michael Cudahy purchased the lease of the property for $1 million. Cudahy, a local philanthropist, was planning to donate the lease to UWM if the university won approval from city officials.
University officials cited several reasons for their decision including: (1) fight over the proper use of the site could adversely impact their ability to move forward with the new school, and (2) the restaurant site was not spacious enough to handle the needs of the school. Officials were concerned that the emotional battle over the use of the site would make it difficult for them to raise funds for the development. Officials also argued that a larger site is needed to accommodate classrooms as well as research labs.
Needless to say, the university’s decision upset Cudahy. The lesson to be learned is that when someone offers to give you $1 million in the form of a donation, you move forward with the proposed plans. According to Cudahy, “I just can't believe the university would cower under a few comments."
My ThoughtsWho knew that a parcel could cause so much controversy? There are certainly winners and losers in this battle.
Let’s start off with the losers - as there is a greater potential for a larger number of losers.
First, is the City of Milwaukee. University officials suggested that without building their school in such a prominent place as the site of the former Pieces of Eight restaurant, Milwaukee potentially loses its ability to be recognized as the center of water technology. Even Mayor Tom Barrett was hopeful that the school would have been built along Milwaukee’s lakefront. Now, Barrett’s biggest concern is that UWM chooses an alternative location that doesn’t have a city of Milwaukee address.
Second, is UWM. How likely is it that you will find another prominent, financially-able, individual who is willing to donate money you need to build your school? You now have a history of going against a donor’s wishes of making the school a reality.
Third, is the region. For months we have been hearing the buzz about how Southeastern Wisconsin could be the international center for freshwater technologies. With the current economic climate and historically-high rate of unemployment, the water technology industry would create jobs that will enable us to get through the recovery process faster.
I’m sure there are more losers, but it’s time to think of the winners in this deal.
For starters, the Cousins Center and the City of Port Washington appear to be on the university’s radar screen for the new school.
Milwaukee’s aldermen are quickly trying to find other alternative locations to keep the school in Milwaukee. One site that seems to make sense is in the Historic Third Ward. The city owns a parking lot that is being used by Maier Festival Park at the end of East Erie Street. This site has some appeal because of its accessibility to the harbor as well as offering sufficient space to meet the classroom and research needs of the university.
Let’s not forget that Cudahy still owns the lease to the former site of the Pieces of Eight restaurant. There’s still hope that this land will developed that will meet the needs of the city as well as its citizens.
Finally, Joe Bartolotta. His name and the Bartolotta Restaurant Group are being tossed around with the possibility of re-opening another restaurant on that site.
For those who have been following this story through my blog knows that I have always felt that using this site for a school did not make the most sense. One of my favorite dining experiences occurred at The Fish Market in San Diego. The food and service was very good. But, what really made the experience was looking out over the bay. The setting was beautiful. I have always wondered why Milwaukee could not have a successful restaurant that overlooked the lake, harbor, and downtown.
Tom Daykin, writer for the Milwaukee Journal Sentinel, provides more details regarding UWM’s decision and explains how both sides move forward.
Click here to read more about the future of UWM’s School of Freshwater Sciences and the former site of Pieces of Eight restaurant>>>Blogger’s Note: Is it right to call UWM a loser for backing out of this deal? I still think it was a foolish decision. However, Cudahy isn’t looking very good these days. According to Daykin, Cudahy would have controlled the design and construction of UWM’s school if his proposal was accepted by UWM (article titled
“Cudahy wanted to control design, construction of UWM lakefront project”, September 17, 2009). Clearly giving up such control is not in the university’s best interest.
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Labels: Economy, Real Estate
The Business Journal of Milwaukee: Project aimed at water businesses - 5th Ward project would add $117 million in development
Atlas Development Corp. (“Atlas”), Milwaukee, and General Capital Group, Fox Point, are proposing to build a 630,000-square-foot business park located on 17 acres between South Sixth Street, South Third Street, the Menomonee River Canal and West Florida Street.
The $117 million business park is planned to attract water-based technology firms. The proposed park includes office and research buildings, and at least one multi-family residential building.
Atlas and General Capital Group are seeking $6.5 million in tax incremental financing (TIF) from the city. The money would be repaid through property taxes generated by the new developments. Under the proposal, the city will spend $4.2 million for infrastructure, $900,000 to finance the business park’s first building, and $1 million in grants to attract water-based technology businesses.
Atlas and General Capital Group are hoping that the City of Milwaukee will approve this redevelopment site for a TIF district as the city will benefit from the new, highly-anticipated water technologies industry along with the University Of Wisconsin Milwaukee School Of Freshwater Sciences.
According to Pete Millard, writer for The Business Journal of Milwaukee, “The Milwaukee Common Council’s Zoning, Neighborhoods and Development Committee will review the TIF plan Sept. 15, and the Common Council is expected to vote on the TIF resolution Sept. 22.”
My Thoughts
In recent months, the Fifth Ward has received a great deal of attention from real estate investors and developers. And why not? It’s proximity to Downtown, Historic Third Ward, Walker’s Point, Bay View, and the Menomonee River Valley makes it appealing for a variety of reasons, especially the water-based technologies that the region is promoting. As long as the economy holds together and the City of Milwaukee is able to work with the University of Wisconsin-Milwaukee, I anticipate that the Fifth Ward will continue to receive greater interest regarding future real estate developments.
Millard provides more details about Atlas and General Capital Group’s proposed Fifth Ward development. Click here to read how their proposed development will facilitate the water-based technologies industry>>>
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Labels: Economy, Real Estate
Current Listings!
New Listing: Western Leather Lofts #321- $90,000
Step back in time in this century-old warehouse located one block away from Historic Brady Street’s boutiques and fine restaurants. Surrounded by residential homes, this five-story Cream-City Brick warehouse features concrete-heated floors (dues include heat), post construction, and soaring windows and ceilings. Kitchen features solid-surface countertops, Grohe kitchen faucet, custom birch cabinets, and under-cabinet lighting. After a long day, relax and unwind in the jetted tub as your towel warms up on the heated towel rack. Other amenities include: Central air, central vacuum, recreation room, and common laundry (never step outside to wash your clothes, etc.). Western Leather Lofts is a pet-friendly condominium association. Seller is offering a HSA Home Warranty at closing - Free!
Click here to read more about this warehouse-style studio>>>View Larger Map
Riverbridge #304 - $250,000Located on the banks of the Milwaukee River you will enjoy the peace and quiet that comes with the Riverbridge lifestyle. Stroll along the Riverwalk or shop at nearby Historic Brady Street. Surround yourself in sunlight and enjoy the river views from the sunroom, great room, both bedrooms, and balcony. Entertain guests in the great room that features maple hardwood floors. The chef will appreciate the stainless steel appliances, gas range, under-mounted stainless steel sink and convenient pull-out cabinet drawers. Grill on the balcony that features a gas line (never replace another propane tank). Need space to get ready in the morning? Spread out in the master bathroom that features a double vanity. Relax and unwind in the whirlpool tub. Riverbridge is a pet-friendly condominium association.
Click here to read more about this riverfront condo>>>View Larger Map
Lofts On Broadway #407 - $255,000Live in the heart of the Historic Third Ward! Cream-City brick, exposed wood-beamed ceilings, maple hardwood floors, and oversized windows complete the package. Entertain guests in the open-concept floor plan and balcony. Kitchen boasts stainless-steel appliances. Both bathrooms feature ceramic tile and vanities with vessel sinks. Other amenities include full-size side-by-side washer and dryer, spacious storage locker, and central air. Wake up to the morning sun with views of the Historic Third Ward. Lake Michigan, Milwaukee River, Milwaukee Public Market, restaurants, nightlife, theaters, art galleries, and boutiques are all located just outside of your front door. There are several parking options available to rent within a block of this loft. For more information on where to park, check out http://www.historicthirdward.org/parkinginformation.php. Lofts On Broadway is a pet-friendly condominium association.
Click here to read more about this Third Ward loft>>>View Larger Map
Wisconsin Tower #702 - #269,900Welcome home to Wisconsin Tower! At nearly 2,000 square feet, you’ll appreciate the open-concept floor plan and spacious rooms. Notice the fine details of this condo: Custom-built cabinets, millwork, wood panels, built-in bookcases, and custom shelves. French doors offer privacy. Maple hardwood floors are found in nearly every room. The gourmet chef will appreciate the granite countertops, under-mounted stainless-steel sink, stainless-steel appliances, abundant counter space and spacious breakfast bar. The best part…the views! This unit occupies half of the floor - so, you’ll enjoy skyline views to the east, north, and west as well as the garden rooftop terrace. Wisconsin Tower offers many amenities and services for its owners including private party room, fitness room, rooftop garden terrace, courtyard, barbeque area, dog walk, and guest suites. Wisconsin Tower is a pet-friendly condominium association. This property includes a preferred financing package with a below market interest rate and lower monthly payments.
Click here to read more about this spacious condominium unit located in a beautifully preserved art deco building>>>View Larger Map
Cityside Plaza - New Warehouse Loft Conversion in the Historic Third Ward - Condos Start at $244,900Cityside Plaza is a brand new condominium association offering luxury living in the heart of the Historic Third Ward. Several unique floor plans are available offering a combination of one bedroom with one bathroom, two bedrooms with two-full bathrooms, and two bedrooms plus den with two-full bathrooms and one-half bathroom. Kitchen boasts granite countertops, GE stainless-steel appliances, Grohe faucets, Oliveri stainless-steel sink, and your choice of satin nickel or stainless-steel hardware. Bathrooms feature Kohler sink, soaking tub, and toilet, natural stone flooring, and ceramic tile shower surround. You will find oak hardwood floors not only in the main living areas of our condo units, but you will also find hardwood floors in the bedrooms. All units feature in-unit laundry hook-ups and at least one indoor parking space. Most units feature a balcony. Cityside Plaza is a pet-friendly condominium association.
Click here to read more about this brand new warehouse association in the Historic Third Ward>>>View Larger MapFor more information about Western Leather Lofts, Riverbridge, Lofts On Broadway, Wisconsin Tower, Cityside Plaza, and other downtown-area condominiums, please contact me at (414) 412-7980 or e-mail at dray@shorewest.com.-----
Labels: Real Estate
According to Metro Multiple Listing Service that services Southeastern Wisconsin, the City of Milwaukee has seen a decrease in inventory, home values are still becoming more affordable, and buyer’s appear to be taking advantage of the current Buyer’s Market.
