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

[Gianstoppable]

I would think with the parking structure going where it is the traffic from the structure after the game should move a little quicker, right?

[HaroldinGMinor]

I would think with the parking structure going where it is the traffic from the structure after the game should move a little quicker, right?

Only if a massive sky walk city is built. Otherwise, all is lost.

[MickeyDavis]

I would think with the parking structure going where it is the traffic from the structure after the game should move a little quicker, right?

Only if a massive sky walk city is built. Otherwise, all is lost.

Glad you are seeing the light

[mcfromage]

http://www.nba.com/bucks/release/milwaukee-bucks-hire-gensler-and-rinka-chung-design-entertainment-block-part-new-arena

The Milwaukee Bucks announced today that Gensler and Milwaukee-based Rinka Chung will comprise the design team for the entertainment block adjacent to the new arena in downtown Milwaukee. The entertainment block, which will span Fourth Street from W. Highland Ave. to W. Juneau Ave., is a central element of the master design plan for the new arena and surrounding development, and will feature an active space designed for year-round community use featuring a mixture of dining, entertainment and retail activations. The block will serve as an important connection between the new arena and existing commercial activity along Old World Third Street.

“We couldn’t be more pleased to welcome these two cutting-edge firms to our team as we continue transform this portion of downtown Milwaukee and create a community gathering space that will attract year-round activity to the city,” Bucks President Peter Feigin said. “We envision this space being a showcase for the best entertainment outlets that Milwaukee and Wisconsin have to offer and one that empowers local businesses to partner with us in revitalizing this portion of the city. We look forward to working with Gensler, Rinka Chung and local officials to bring our ownership’s vision for this space to life.”

Gensler is a global architecture, design and planning firm with 46 locations and more than 5,000 professionals networked across Asia, Europe, Australia, the Middle East and the Americas. Founded in 1965, the firm serves more than 3,500 active clients in virtually every industry. Gensler designers strive to make the places people live, work and play more inspiring, more resilient and more impactful.

“This is a great project to revitalize downtown Milwaukee, anchoring the Bucks to the city and transforming the way residents interact with the area,” said Lamar Johnson, Regional Managing Principal with Gensler. “We’re thrilled this project affords us the opportunity to work with ICON Venue Group again, and we look forward to the excitement and changes to come from this landmark development.”

Rinka Chung Architecture is a Milwaukee-based architecture and interior design firm celebrating its 10-year anniversary in 2016. The firm was established by Principal Architect Matt Rinka in 2006 and has steadily grown to its current size of 30 design professionals, including a 2015 merger with Principal Jeff Tredo and his design team. The firm has been named Architect of the Year by The Daily Reporter and has received over 30 industry design excellence awards.

“The Rinka Chung and Gensler team is proud to be selected for the Milwaukee Bucks Live Block project,” said Matt Rinka, Principal Architect for Rinka Chung. “Our partnership harnesses international expertise with a regionally-rooted, award-winning design firm. We wish to thank the leadership of the Bucks, ICON and the City for placing their trust in our experienced and talented team. In terms of defining the human experience of the arena district and the downtown urban environment as a whole, this is a monumentally key project for our region. Our team understands this, and we are well prepared to deliver an inspiring destination that our entire community can take pride in.”

Consistent with the arena construction process, the Bucks have committed to meeting city job requirements as part of the entertainment block development.

The new Bucks arena was designed by Populous, Eppstein Uhen and HNTB. The team submitted detailed design plans to the city in March and is expected to break ground on the project this summer. To see renderings or learn more about the project, visit www.bucks.com/arena.

[EastSideBucksFan]

Going to be some Bucks arena news today at WCD meeting. Sounds like they got a lease worked out.

[Tweet]https://twitter.com/PeteZervakisTV/status/720241989988388865[/Tweet]

[LittleRooster]

Going to be some Bucks arena news today at WCD meeting. Sounds like they got a lease worked out.

[Tweet]https://twitter.com/PeteZervakisTV/status/720241989988388865[/Tweet]

And, according to Doug Russell, there might be a naming rights announcement at noon

[EastSideBucksFan]

Everybody was guessing naming rights. That's not happening today.

The bonds are being issued and the lease with WCD is done.

Arena will cost more than $500M, remember Bucks cover cost overruns.

[Tweet]https://twitter.com/MBJretail/status/720267617261395969[/Tweet]

[MadBlueEdwards]

In case anyone wants to watch the press conference:

http://www.tmj4.com/sports/basketball/milwaukee-bucks/wisconsin-center-district-approves-plan-for-200-million-plus-in-bonds-for-bucks-arena

[Matches Malone]

June 18th shovels put to ground!

[paulpressey25]

Just one point to be the Debbie Downer. The lease with the WCD does have massive penalties in it should the Bucks break the lease. I haven't read the lease but saw on twitter it starts at about $550 million and declines to $225 million over time.

Just remember that if in the future an NBA franchise becomes so valuable that another city/group would pay $1.5 billion for the Bucks, that buyout fee might not be that cost prohibitive. Thus this doesn't guarantee the team will be here for 30-years.

That said, I like the fact LED are investing in the surrounding developments. You'd hope that type of additional investment ties them in tight here for many years to come.

We're in great shape compared to where we were one or two-years ago. But we need this team to get better, draw crowds and really bring that Park East alive over the next five-years. That's what helps secure things here for the long-term.

[MickeyDavis]

June 18. Can't wait

[LittleRooster]

Just one point to be the Debbie Downer. The lease with the WCD does have massive penalties in it should the Bucks break the lease. I haven't read the lease but saw on twitter it starts at about $550 million and declines to $225 million over time.

Just remember that if in the future an NBA franchise becomes so valuable that another city/group would pay $1.5 billion for the Bucks, that buyout fee might not be that cost prohibitive. Thus this doesn't guarantee the team will be here for 30-years.

That said, I like the fact LED are investing in the surrounding developments. You'd hope that type of additional investment ties them in tight here for many years to come.

We're in great shape compared to where we were one or two-years ago. But we need this team to get better, draw crowds and really bring that Park East alive over the next five-years. That's what helps secure things here for the long-term.

I had this thought too but the because they're investing in additional investments, I'm optimistic they'll be here long term.

[BradMKE]

Yep, those penalties are nothing if a great opportunity opens up to move the team elsewhere. They'd make that back up almost immediately in increased valuation of the franchise if it is based somewhere else. Just the cost of doing business.

[engelmartin]

Just to clarify for dufuses such as myself who have no sense of direction, this new arena is being built directly across from Grand Avenue? I'm still not able to place the location.

[SickMother]

"The arena site, located between N. Fourth Street and N. Sixth Street from W. Highland Ave. to W. Juneau Ave., will seamlessly link with active development on all sides, including Old World Third Street, Schlitz Park, The Brewery, the Milwaukee riverfront, Water Street and the Wisconsin Center."

Immediately north of the BMOHBC, about half mile north of Grand Ave.

[MKEGrinders]

Exciting day. June 18th isn't coming soon enough. Also big news that with the lease signing that they will be able to have more serious discussion with sponsors for the naming rights. I think Harley will end up buying the rights. I know they have been struggling recently but with a new arena, and a up and coming team this could be the boost they need.

Overall, very excited to see the transformation of downtown around the arena and in general with the NML towers and the conture.

[Gianstoppable]

Without looking up every single detail can someone just give me the quick rundown of financing? Somebody tried to tell me the city/state is contributing 290 million which I thought had to be wrong, I thought it was 250 but I was not sure if that included the parking structure. Thanks!

[MickeyDavis]

That rent will have escalators ranging from 2% to 3%. Those payments will total $40.6 million to $47.6 million over the 30-year lease, according to the lease term sheet.

Also, a $2 ticket surcharge will generate an estimated $60 million over 30 years, with 75% of those funds going to the district, a state-created agency that also operates the Wisconsin Center convention facility and other downtown venues. The remaining 25% of ticket surcharge revenue will go to the state.

The state is providing $55 million of the arena's $250 million public financing package. The district, which is funded by sales taxes on hotels, restaurants and rental cars in Milwaukee County, is providing $93 million.

The ticket surcharges were required under the 2015 state law that created the arena's public financing package. The remaining public financing sources are Milwaukee County, with $55 million, and the city with $47 million

[Gianstoppable]

That rent will have escalators ranging from 2% to 3%. Those payments will total $40.6 million to $47.6 million over the 30-year lease, according to the lease term sheet.

Also, a $2 ticket surcharge will generate an estimated $60 million over 30 years, with 75% of those funds going to the district, a state-created agency that also operates the Wisconsin Center convention facility and other downtown venues. The remaining 25% of ticket surcharge revenue will go to the state.

The state is providing $55 million of the arena's $250 million public financing package. The district, which is funded by sales taxes on hotels, restaurants and rental cars in Milwaukee County, is providing $93 million.

The ticket surcharges were required under the 2015 state law that created the arena's public financing package. The remaining public financing sources are Milwaukee County, with $55 million, and the city with $47 million

Thank you!

[MickeyDavis]

A public plaza connecting the new Milwaukee Bucks arena to an entertainment center — which will close one block of N. 4th St. to traffic — was approved Friday by the Common Council.

The deal was overwhelmingly approved on a 12-1 vote, with only Ald. Mark Borkowski voting against it. Ald. Bob Donovan was excused from the vote.

The plaza will use the block between W. Highland and W. Juneau avenues. The deal involves the city leasing that space to the Wisconsin Center District at no cost, with the district then subleasing that space to the basketball club.

The district, a state-created agency that operates the Wisconsin Center convention facility and other downtown venues, will own the new arena and lease it to the Bucks.

The 30-year plaza lease keeps the city's right to use the block as part of a transit corridor, allowing a possible future expansion of the downtown streetcar. It features an easement guaranteeing public access to the plaza, including political protests.

"We are not privatizing this space," Ald. Bob Bauman said Friday.

Bauman, who initially opposed the street closing, later supported it after the Bucks agreed to maintain a transit corridor. Bauman said during Friday's meeting that the council had "pushed back very hard" against the initial proposal that would have meant giving up public ownership of the space, and praised the deal as a good solution.

"It allows the city to terminate that lease early if the benefits do not materialize," Bauman said.

The city will not be responsible for the plaza's maintenance, and the plaza's design will need Common Council approval.

During last year's debate over the downtown arena plans, and the city's role in helping finance the $500 million project, opponents said closing N. 4th St. would hurt downtown traffic flow and create a possible "dead zone" when events aren't happening at the arena. They argued that the Bucks should instead be allowed to close the block only during basketball games and other arena events.

Department of City Development officials and the Bucks said closing the block permanently was needed to better connect the arena with the entertainment center, and with N. Old World 3rd St. restaurants and taverns.

Mayor Tom Barrett's administration also said N. 4th St. traffic could be easily diverted to N. Old World 3rd St. and N. 6th St.

The plaza has been portrayed a key part of the overall arena project, tying the arena to the entertainment center.

The entertainment center will replace a city-owned parking structure east of N. 4th St., between W. Highland and W. Juneau avenues. The arena will be built west of N. 4th St., just north of the BMO Harris Bradley Center.

Also known as the Live Block, the entertainment development will feature restaurants, taverns and possibly retail space.