The Marcus Corp. has been selected to buy the last available block of Park East land near downtown Milwaukee.
Milwaukee County’s selection of the Milwaukee-based developer’s proposal came as the culmination of a request-for-proposal process.
Marcus plans to use the Park East lot to build a public park-like space. That land lies directly next to a 1.24-acre parcel of land that is also owned by Marcus Corp. The developer said it plans to incorporate both lots into a larger development known as Edison Place. That 20-story project, with budget estimated at between $106 million and $119 million, would have a movie theater, offices and apartments.
Marcus has named the Baltimore-based firm inPLACE Design as the project architect, and Gilbane Building Co. as the general contractor.
The developer’s proposal states that the plan to turn the vacant lot into a park-like area has implications for another nearby piece of land on East Knapp Street. The Brookfield-based Hammes Co. announced plans last year to build a new 68,000-square-foot office structure at 210 E. Knapp St. The building would also serve as a new headquarters for the developer.
Despite having detailed plans, Hammes Co. could not move forward with its development unless the Park East lot to the west were also turned into a park-like space with no permanent buildings, states the Marcus proposal.
The various blocks of land that make up the Park East corridor were freed up for development after the former Park East Freeway spur was removed by the Wisconsin Department of Transportation. Milwaukee County has since sold off various pieces of Park East land.
One section, for instance, was bought by developers associated with the Bucks as part of an eight-block development centering on a new downtown arena for the NBA team.Follow @alexzank