Arena Construction - Make pitch for ASG in 22/23. pg 95

[mcfromage]

Any further speculation or news about renderings being revealed at the "groundbreaking" this week?

[EastSideBucksFan]

Peter Feigen just dropped a tease that new renderings may be unveiled on Saturday at tailgate party.

He's doing a Marquette speaking engagement with Mike Gousha today.

[trwi7]

[tweet]https://twitter.com/Kentwainscott/status/661977503733542912[/tweet]

They may or may not. #PackersBoard

[MickeyDavis]

Milwaukee Bucks President Peter Feigin said Wednesday that it will be "really challenging" for the team to build the new downtown arena for the projected price tag of $500 million.

"It's probably my butt on the line. Everything over we pay for," Feigin said during an "On the Issues" session with broadcaster Mike Gousha at Marquette University Law School.

The arena is being funded by the Bucks owners and former owner Herb Kohl, as well as $250 million in public financing. The team is responsible for costs over $500 million.

The team hopes to start construction in 2016 and have the arena ready in time for the start of the 2018-'19 National Basketball Association season.

Team spokesman Jake Suski said: "Our goal is to try and meet the budget and produce the best venue possible within a $500 million budget. It's fair to say it's going to be challenge."

Feigin said the team has submitted to city authorities a general plan design. Next week, the team is expected to submit a detailed design.

Feigin indicated he hoped the team could show off "some interesting pictures" of the planned arena during a tailgate party before Saturday night's game against the Brooklyn Nets.

The team has already done $10 million of work assessing the Park East, Feigin said. There is a central sewage system in the area, which will have to be moved he said. Additionally, there are a few hundred pylons from the former highway that remain on the site, he said.

Feigin said the new arena will be built at grade, just 50 feet north of the existing BMO Harris Bradley Center.

[GrandAdmiralDan]

Lots of uninformed people will read or hear about that and trot out the "See? I knew that they were going to screw the taxpayers and have it cost us more", not understanding that the public portion won't go up at all and it is only the Bucks portion that can go up...

[MickeyDavis]

Yup, the Bucks are on the hook for any cost overruns, as it should be. I can't imagine spending $10 million just to assess what needs to be done to the Park East land. That's a lot of cabbage.

[drew881]

Any chance Milwaukee Tool gets the naming rights on the arena? I have seen their name featured prominently while sponsoring various events like the Tailgate recently. It would be pretty awesome for the Bucks to play in Milwaukee Arena, and nickname it the Tool Box. Well maybe, not that last part, since people could joke around that our players are massive tools.

[EastSideBucksFan]

Any chance Milwaukee Tool gets the naming rights on the arena? I have seen their name featured prominently while sponsoring various events like the Tailgate recently. It would be pretty awesome for the Bucks to play in Milwaukee Arena, and nickname it the Tool Box. Well maybe, not that last part, since people could joke around that our players are massive tools.

They don't have the money to get the rights to the whole building.

I'm sure they'll be involved, but not the whole arena naming rights.

[M-C-G]

Any chance Milwaukee Tool gets the naming rights on the arena? I have seen their name featured prominently while sponsoring various events like the Tailgate recently. It would be pretty awesome for the Bucks to play in Milwaukee Arena, and nickname it the Tool Box. Well maybe, not that last part, since people could joke around that our players are massive tools.

Didn't we get some nuggets dropped that the company would likely be a global / foreign and that the partnership was designed to go way beyond naming rights, that they were looking for a true partnership, like ground breaking stuff?

[MartyConlonOnTheRun]

Also shows how silly people looked for being upset this land was sold for a $1. They spend $10m before even removing anything from it. That land was a mess and suddenly that whole area is valuable again

[MickeyDavis]

http://www.jsonline.com/entertainment/dining/restaurants-ready-for-action-in-shadow-of-bucks-arena-b99607181z1-340948931.html

Article on new/newer dining options near the BC.

[0BobLobLaw0]

NML said they will not buy the naming rights.


http://www.bizjournals.com/milwaukee/blog/2015/11/john-schlifske-answers-northwestern-mutual-arena.html?ana=fbk

[Treebeard]

Also shows how silly people looked for being upset this land was sold for a $1. They spend $10m before even removing anything from it. That land was a mess and suddenly that whole area is valuable again

If the Bucks don't build there, and the city can't find another taker till the site is buildable; would the city/county be on the hook for remedial work to make it usable?

[mcfromage]

Downtown movie theater in the works?

http://www.jsonline.com/business/park-east-development-site-on-river-sold-to-marcus-affiliate-b99611214z1-341754461.html

A high-profile development site in downtown Milwaukee's Park East area has been sold to a new investors group with ties to Marcus Corp., which had once proposed a multiscreen cinema there.

The 200-space parking lot, which overlooks the Milwaukee River just north of E. Knapp St., has been sold to MH Exchange LLC for $3.1 million, according to state real estate records posted Friday.

MH Exchange's registered agent is Thomas Kissinger, Marcus Corp. general counsel and senior executive vice president.

Marcus has no specific development plans for the site, and hasn't made any decisions on the potential location for a downtown Marcus movie theater, said Katie Falvey, Marcus vice president of real estate.

"We are keeping our options open," Falvey said, in a statement. "In the meanwhile we will continue to offer daily public parking on the site."

Falvey said the timing was right for Marcus "to pick up this great piece of land as an investment."

"We believe the Edison Street property has significant development potential due to its terrific location in a booming area of downtown, as well as its Milwaukee River frontage," she said.

The 1.2-acre parcel, 1301-1357 N. Edison St., was sold by Parking Management of Wisconsin Inc.

Marcus Corp., which operates hotels and movie theaters, had proposed developing a cinema at the site. The development site would combine the parking lot, a vacated block of N. Edison St. and a small parcel at the northwest corner of N. Water and E. Knapp streets owned by Milwaukee County.

The Marcus cinema would have been combined with other buildings, such as offices and restaurants.

But that project didn't proceed, despite Marcus Corp.'s commitment, because of a lack of interest from other tenants. It was dropped in 2014 by a group led by real estate broker Bruce Westling and developer Gary Grunau.

Developer Jon Hammes then surfaced with a proposal to develop three to four office buildings on that combined 2.6-acre site.

The development would have included his firm, Hammes Co., which would move to downtown from Brookfield.

However, Hammes said Friday his group dropped its option on that property, and is now focused on another nearby development site.

An investment group led by Hammes in July bought a vacant 1.5-acre parcel just across N. Water St. from the riverfront development site.

That lot, at 210 E. Knapp St., was sold by BMO Harris Bank to HFJV LLC for $1 million. It is bordered by E. Knapp, N. Water and N. Market streets. Hammes declined to comment on his plans for that site.

The development at the riverfront site would have estimated cleanup and utility relocation costs of $6.5 million to $7.2 million, according to a 2014 county report. Hammes had been in discussions with Department of City Development officials about possible city financing for the project.

Marcus Theatres President and Chief Executive Officer Rolando Rodriguez told the Journal Sentinel in 2014 that the company still wanted to operate a downtown cinema.

But Rodriguez said the theater would need to be combined with other developments that together would share a parking structure. That would help reduce the company's costs for developing the parking structure, a key part of a theater that would have nine to 12 screens, he said.

[paulpressey25]

I think that lot Marcus bought is golden for some type of development. Right on the river and it knits together RiverWest/MSOE with the new arena district.

[MickeyDavis]

Marcus has wanted to open theaters downtown for years. Now the time is right. While not directly a part of the new arena development it's close enough to take advantage of it.

[MadBlueEdwards]

Also shows how silly people looked for being upset this land was sold for a $1. They spend $10m before even removing anything from it. That land was a mess and suddenly that whole area is valuable again

If the Bucks don't build there, and the city can't find another taker till the site is buildable; would the city/county be on the hook for remedial work to make it usable?

I don't think the Bucks not building there is an option anymore, but if things hadn't worked out, I think it would depend on the negotiations with a potential buyer for the land. The other $1 offer they mentioned a few times over the last couple months was contingent on the county paying for the work, but the Bucks offer was not.

[Treebeard]

Also shows how silly people looked for being upset this land was sold for a $1. They spend $10m before even removing anything from it. That land was a mess and suddenly that whole area is valuable again

If the Bucks don't build there, and the city can't find another taker till the site is buildable; would the city/county be on the hook for remedial work to make it usable?

I don't think the Bucks not building there is an option anymore, but if things hadn't worked out, I think it would depend on the negotiations with a potential buyer for the land. The other $1 offer they mentioned a few times over the last couple months was contingent on the county paying for the work, but the Bucks offer was not.

I didn't quite phrase that correctly.... My point was that the county could be tagged with remediation costs, if they had to wait on another buyer down the road. The land has great value - to be sure - but it also has some significant liabilities too.

[drew881]

Any chance Milwaukee Tool gets the naming rights on the arena? I have seen their name featured prominently while sponsoring various events like the Tailgate recently. It would be pretty awesome for the Bucks to play in Milwaukee Arena, and nickname it the Tool Box. Well maybe, not that last part, since people could joke around that our players are massive tools.

Didn't we get some nuggets dropped that the company would likely be a global / foreign and that the partnership was designed to go way beyond naming rights, that they were looking for a true partnership, like ground breaking stuff?

So just call it Industrial and Commercial Bank of China Arena? That has a nice ring to it. Good thing we drafted Yi.

[drew881]

Any chance Milwaukee Tool gets the naming rights on the arena? I have seen their name featured prominently while sponsoring various events like the Tailgate recently. It would be pretty awesome for the Bucks to play in Milwaukee Arena, and nickname it the Tool Box. Well maybe, not that last part, since people could joke around that our players are massive tools.

They don't have the money to get the rights to the whole building.

I'm sure they'll be involved, but not the whole arena naming rights.

Too bad.