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Home > BizTimes Daily > Archives > December 21, 2007
Milwaukee County closes on sale of Park East parcel
Published December 21, 2007 - BizTimes Daily
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Milwaukee County Executive Scott Walker announced today the closing of the sale of the first parcel of county-owned land in the former Park East Freeway corridor to RSC Development.
The parcel is located between Jefferson, Milwaukee, Lyon and Ogden streets on the west end of the corridor, which is located on north end of downtown Milwaukee.
The 2.1-acre site sold for $2,725.000.
Chicago-based RSC plans to build a Hyatt Place Hotel, Hyatt Summerfield Suites, retail opportunities and 100 luxury apartments and five town homes at the site, which is being marketed as Park East Square.
Richard Curto, president of RSC Development, said, "This is a great opportunity for us, and we are excited in continuing down this road with Milwaukee County and look forward to working with them on block 2 and other projects in Milwaukee County."
"This is a great step toward reclaiming the Park East Freeway corridor for growth and opportunity. We look forward to working with Rich Curto and RSC Development on this area," Walker said. "This development will add $65 million to the property tax base of Milwaukee County and will provide a significant number of jobs for area residents."
Thomas Nardelli, who is Walker's chief of staff, told SBT that the county has three more parcels in the Park East under contract and hopes to negotiate those sales soon.
