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Developers propose $76 million project for Park East corridor
Published March 2, 2009 - BizTimes Daily
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Fair Market Development LLC is proposing a $76 million development with about 400 residences and 10,000 square feet of retail space in the Park East corridor, BizTimes Milwaukee has learned.
Fair Market Development consists of developers Robert Schultz and Harry Drea. They submitted the only response to a Milwaukee County request for proposals for a vacant lot owned by the county and located between North Broadway, North Water Street, North Milwaukee Street, East Lyon Street and East Ogden Avenue in downtown Milwaukee's Park East corridor.
Schultz was a co-developer of the Historic Teweles Seed Loft Apartments in Walker's Point and the River Renaissance condominium development in the Third Ward. He is also still working on another proposed Walker's Point condominium development, called Rivianna.
Schultz and Drea's Park East corridor project, called Eco-Square at Park East, would consist of a series of structures varying in height from eight to 13 stories, and 13 townhouses. The townhouses would be rented with an option to buy. They would have two levels, with up to 2,400 square feet of space, with a 1,200-square-foot separate work/live unit below them.
All of the other residences in the project would be available for rent. The project would have a total of about 400 residences.
The project would include 10,000 square feet of street level retail space, 45,000 square feet of work/live space and structured parking for 600 vehicles and a public park.
The residences would be affordable for low, moderate and middle income families, says Fair Market Development's response to the RFP.
"Fair Market Development will endeavor to work with local nonprofits to make housing options available to a broader spectrum of buyers," the RFP response says. About 10 percent of the housing units in the project will be "affordable," according to the RFP response.
The developers say the project would also provide numerous "workforce benefits." Construction firms working on the project would be signatory to the local labor union bargaining agreements entitling all workers to a "living wage." In addition, at least 75 percent of the employees on the site after construction is completed would be paid at least $8.46 an hour. Forty percent of "worker hours" would comply with the city's "residents preference requirements" that are used for public works projects.
In addition, 25 percent of construction work and 18 percent of other services would comply with the city's emerging business enterprises standards.
The project would also include several environmentally-friendly "green" elements, including a 20,000-square-foot green roof, and the developers expect Eco-Square to receive a LEED rating.
The county board will decide if the project goes forward.
