Proof that even a blind squirrel occasionally finds a nut, the Milwaukee County Board made the right decision and sold a parcel of the old Park East Freeway land on the northern edge of Milwaukee, to a company that will build a luxury hotel, condominiums, offices and retail space.
I was sure that they would choose the plan that was going to put in a cheep hotel, a gas station and a convenience store that would have brought the county substantially more, in taxes, construction jobs and in the land purchase price. Good job County Board, do you think you can use the same good judgment and approve Scott Walker’s new budget plan that calls for the 5th straight property tax freeze?
JS Online:Park East plan wins approval
A $104 million proposal for a luxury hotel, condominiums, offices and retail space in downtown Milwaukee’s Park East area won approval Thursday from the County Board, which voted to sell a county-owned site for the development.
The board voted 16-3 to sell the parcel, bordered by N. Old World 3rd and N. 4th streets and W. Juneau and W. McKinley avenues, to a group led by Ruvin Development Inc. and Dallas-based Gatehouse Capital Corp. Their plan calls for a 175-room hotel, 70 condos, 55,000 square feet of offices, 31,000 square feet of retail space and a 330-car parking structure.
In making that decision, the board rejected a rival proposal from Rana Enterprises. Rana proposed a 202-room hotel, a gas station/convenience store, 14,000 square feet of offices, 9,000 square feet of additional retail space and a 400-car parking structure.
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An internal study group that included county development officials recommended the Ruvin/Gatehouse proposal. Those county officials said Ruvin’s proposal would generate annual property taxes of just more than $2 million, compared with roughly $626,000 that Rana’s development would generate each year.
Ruvin would create 500 construction jobs, while Rana would create 131 to 154 construction jobs, according to the developers. Ruvin offered to buy the parcel for $2.9 million, compared with $2.8 million by Rana.