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Developer moves forward with MATC tower project
Published March 3, 2008 - BizTimes Daily
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County Executive Scott Walker will hold a public resolution signing today to accept a proposal from New Vision Development Co., which plans to build a $75 million mixed-use project near the Milwaukee Area Technical College (MATC) in downtown Milwaukee.
The company is buying the vacant 1.89-acre parcel at the southwest corner of North Sixth and West State streets from the county for $3.1 million.
New Vision plans to build a seven-story apartment tower with 450 rooms that will be marketed to MATC students. Other components of the project include a 600-vehicle parking ramp and 50,000 square feet of retail space and academic offices that cold be leased to MATC.
The roof of the parking structure will be "greened" to act as a rooftop terrace for residents of the tower.
The closing of the sale is anticipated in November, with development completed 18 months thereafter, Walker said.
Walker said New Vision is committed to attaining the Disadvantaged Business Enterprise participation goal of 25 percent for construction and 17 percent for professional services for the project.
Walker will host the signing today at the MATC president's office at 3 p.m. Also attending will be Steven Stewart, president and managing member of New Vision, County Supervisor Michael Mayo Sr. and Bob Dennik, county economic development director.
