Sign up for any or all BizTimes newsletters and stay informed of all the latest innovations, news and industry tips.
 
Real Estate Weekly

Wednesday, January 9, 2008

Pabst Farms unveils new regional mall plans

The Oconomowoc Plan Commission will review the new plans for a regional mall at Pabst Farms tonight (Click here to view a PDF of the Pabst Farms regional mall plans).

Originally, Chicago-based General Growth Properties Inc., one of the nation's largest mall operators, had planned to build the regional mall at Pabst Farms, but that company dropped out of the project, prompting Pabst Farms to look for a new partner.

Pabst Farms then selected Beechwood, Ohio-based Developers Diversified Realty Corp. to replace General Growth as the regional mall developer.

Developers Diversified's new plan for the regional mall at the Pabst Farms calls for an open-air town center, somewhat similar to Bayshore Town Center in Glendale. General Growth's plans for Pabst Farms was primarily for an enclosed mall. However, the trend for mall development in the United States has shifted almost entirely to open-air lifestyle centers, so that is how the Pabst Farms regional mall will be built, Pabst Farms spokesman Thad Nation said.

Developers Diversified's plan calls for 2.4 million square feet of gross leaseable space, not including two hotels with 150 rooms each. The development will include: 1.1 million square feet of retail space in the regional mall, called Pabst Farms Town Center; 400,000 square feet of residential space (for 400 units); 300,000 square feet of office space; and four to six big-box stores, with a total of 600,000 square feet of space, on the east end of the property.

Pabst Farms Town Center will have four anchor stores, a 16-screen movie theater, 15 restaurants and a 33,000-square-foot bookstore. Developers Diversified is working on obtaining specific retail tenants, Nation said.

Pabst Farms already has a Hilton Garden Inn hotel and two more hotels are being planned for the area southwest of I-94 and Highway 67. Add the two hotels planned by Developers Diversifield Realty Corp. and Pabst Farms is expected to have a total of five hotels once it is completely developed, Nation said.

Construction for the Pabst Farms regional mall is expected to begin this year and be complete in 2010.

Twin Cities restaurant group entering Milwaukee market

Minneapolis-based Premier Restaurant Management Inc., which owns 15 restaurants, most in the Twin Cities area, plans to open an upscale sports bar called Bootleggers on North Old World Third Street in downtown Milwaukee.

The company is also looking for other sites in downtown Milwaukee and the suburbs to open  additional restaurants, according to co-owner, president and chief executive officer Bob Carlson.

Premier Restaurant Management plans to purchase the two-story, 9,360-square-foot building at 1023-27 N. Old World Third St. from Daniel Druml, who is the Milwaukee franchisee of Paul Davis Restoration and bought the building last year. The building had been occupied for years by Mader's Old World Third Street Gallery. The store closed when Druml bought the building.

Later this month, the Common Council will review Premier Restaurant Management' request for tavern licenses.

Carlson said his company is paying about $800,000 to purchase the Old World Third Street building and will spend another $2.2 million to renovate it into Bootleggers.

Bootleggers "is basically a high-end sports bar with live entertainment," Carlson said. It will also have a rooftop patio, which Carlson said will be a big attraction. The menu will include appetizers, pizza, burgers and sandwiches.

Premier Restaurant Management also owns nine Major's Sports Café sports bars (eight are located in the Twin Cities suburbs and one is located in suburban Indianapolis). The company is looking for two suburban Milwaukee locations for Major's Sports Café, Carlson said.

The company also is looking for two more downtown Milwaukee locations, one to open a steakhouse and another for a Stella's Fish Cafe seafood restaurant, Carlson said. Premier Restaurant Management owns Stella's Fish Cafe in Minneapolis.

"We're looking for sites," Carlson said. "If we don't find find good sites we won't do it. When great sites come up, we do the deal."

Bootleggers could open in late May or early June. It would be the latest addition to a changing and revitalizing Old World Third Street.

Tutto, an Italian restaurant, opened recently at 1033 N. Old World Third St.

Jack Schaefer plans to open Milwaukee Brat House in the former Visions Sports Bar location at 1013 N. Old World Third St.

Seattle-based Restaurants Unlimited Inc. plans to open a Kincaid's Fish, Chop and Steakhouse in the former Third Street Pier space at 1110 N. Old World Third St.

Developers for three projects planned for the intersection of Old World Third Street and Juneau Avenue are hoping to break ground this year.

Milwaukee-based Ruvin Development Inc. and Dallas-based Gatehouse Capital Corp. plan to build a 176-room Kimpton Hotel, 70 luxury condominiums, 55,000 square feet of office space and 17,000 square feet of street level retail space, northwest of Old World Third Street and Juneau Avene.

At the northeast corner of intersection, they play to build a 160-room Aloft Hotel by W, 9 condominiums, parking for the condominiums, banquet space and 5,000 square feet of street level retail space.

At the southwest corner of Old World Third Street and Juneau Avenue, developer Rick Barrett plans to build The Moderne, a 30-story building that could include a 120-room hotel.

"We think Old World Third (Street) has tremendous opportunity for growth," Carlson said.

The new developments are joining several established bar and restaurants in the Old World Third Street entertainment district, which include Mader's restaurant, Old German Beer Hall, Have a Nice Day Café, African Hut, Buck Bradley's, Vecchio Bar and Grille, Lucille's Rockin' Pianos and Buckhead Saloon.

The street's proximity to the Bradley Center is also a plus, Carlson said. The Bradley Center also is working to attract more development to the neighborhood. In December, ending approximately a yearlong search, the Bradley Center announced that it has selected Indianapolis-based Lauth Property Group as its partner to help develop the vacant land around the downtown Milwaukee sports and entertainment facility. The Bradley Center, located at 1001 N. Fourth St., owns about six acres of developable land to the north and has some vacant land adjacent to the building at the corner of North Sixth and State streets. Larry Evinger, first vice president of retail development for Lauth and a former resident of the Milwaukee area, said the development team envisions a mix of retail and restaurant businesses that will make the Bradley Center more of a year-round destination.

LISC announces finalists for MANDI awards

The finalists for the ninth annual Milwaukee Awards for Neighborhood Development Innovation (MANDI) have been announced by Cecelia Gore, program officer of the Jane Bradley Pettit Foundation.

The awards honor nonprofit community groups and their partners involved in revitalizing Milwaukee neighborhoods. Gore chaired the independent selection committee that reviewed 26 nominations for awards in five major categories.

The awards are presented each year by the Local Initiatives Support Corporation (LISC) of Milwaukee.

All finalists will be honored and winners of each award will be announced at a reception and awards ceremony on Thursday, March 13, at 5 p.m. at the Pfister Hotel. 

The finalists are:

  • Cornerstone Award (recognizes a neighborhood organization for outstanding innovation and perseverance) - Good Hope Economic Development Corp.; Mitchell Street Development Opportunity Corp.; and Urban Economic Development Association of Wisconsin (UEDA).
  • Navigator Award (recognizes an individual who has shown exemplary leadership in neighborhood development within a public or private community development entity) -Dr. Violeta Singson; Stella Love; and Peter McAvoy.
  • State Farm Insurance and Financial Services Building Blocks Award Large Project (given to the outstanding real estate development project that contributes to the rebuilding of Milwaukee's neighborhoods) - Vliet Street Community Care Facility; Park Hill Senior Apartments; and Manpower Inc. world headquarters.
  • State Farm Insurance and Financial Services Building Blocks Award Small Project (given to the outstanding real estate development project that contributes to the rebuilding of Milwaukee's neighborhoods) - Alterra Coffee Roasters; and West Pointe Condominiums.
  • Trailblazer Award (recognition goes to a community development project or program that represents a new approach to an old problem) - Gorman & Company; Milwaukee Community Service Corps; and the Milwaukee County Green Print Program.
  • Vision Award (given to a foundation or for-profit corporation that has shown strong commitment and leadership in transforming our community) - Greater Milwaukee Foundation; Plunkett Raysich Architects; and Thrivent Financial for Lutherans.

Small Business Times is a media partner for the MANDI awards program. For more information about the awards, call Leo Ries, LISC Milwaukee program director, at (414) 273-1815.

Affordable housing projects planned in Milwaukee

Several new affordable housing projects are being proposed in Milwaukee.
United Methodist Children's Services of Wisconsin plans to build a four-story, 43,000-square-foot building adjacent to its existing facility at 3940 W. Lisbon Ave. The building will have 24 three-bedroom housing units and about 10,000 square feet of community space. According to a proposal filed with the city, the monthly rent will be affordable for families earning 30 percent to 60 percent of Milwaukee County's median income.
North Avenue Community Development Corp. plans to acquire properties at 3215 and 3223 W. North Ave., and several nearby properties on North 32nd, 33rd and 34th streets, from the city of Milwaukee. Along North Avenue the non-profit corporation plans to build a three-story building with 4,000 square feet of first floor retail space and four 1,500-square-foot "affordable" apartments on the second and third floors. On the other scattered sites on 32nd, 33rd and 34th street the organization plans to build eight side-by-side townhomes, each with 1,500 square feet of space and three bedrooms. The project's total cost is about $6 million.
The Volunteers of America National Services and the Shiloh Tabernacle UHCA Church plan to jointly develop a four-story, 65-unti apartment building with services for low income seniors at 3418-28 N. Dr. Martin Luther King Jr. Dr. The apartments will be available to tenants who are 55 or older and who have incomes of less than 60 percent of the county's median income.
Midtown Terrace LLC, a joint venture between Vangard Group LLC and Commonwealth Companies, plans to build Midtown Terrace, a 24-unit townhouse-style apartment building northeast of North 28th Street and West Lisbon Avenue. Rents will vary by income, ranging from about $565 to $695 per month. The estimated construction cost is $5.6 million. The property would be purchased from the city.

Real Estate Profile: John Curran

Title: Vice president
Company: TWP Architecture
Education: Bachelor of Science in Architecture, University of Wisconsin-Milwaukee
Family: Wife, Wendi; and children: Tony, 25; Jaci Lee, 23; Tyler, 22 and Tommy, 18.
City of Residence: Wales

What are you working on? "We currently have numerous projects in design. These include the Herrington Residential Center for Rogers Memorial Hospital in the Town of Summit. This is a facility for individuals suffering from chemical dependency. We are also working on a design for an addition to the Ambassador Hotel, a premier art deco hotel, which will include a lounge, meeting rooms, pre-function and banquet facility as well as a new parking structure. We recently completed designs for an addition to the Chr. Hansen facility in West Allis as well as Canterbury Court, a condominium style apartment complex in Glendale. We are in the final drawing stage for a new condominium development in Brookfield near Capital Drive and Calhoun. Other notable projects include, the Indigo Hotel in Vernon Hills, Ill., and Crowne Plaza in the Milwaukee County Research Park in Wauwatosa scheduled for spring completion."

How does the market look to you?
"The market to us looks very strong. We are currently very busy and we continue to receive RFPs, which indicates that individuals/corporations are looking to do projects in 2008."

What was the best deal you’ve ever been involved in?
"By far the best was the purchase and renovation of the old St. Mary's Church in Elm Grove that now serves as our corporate office. Not only did it save this local landmark from the wrecking ball, but also provided us with a creative and inspiring workplace."

Real estate deal of the week

Eagle Prairie Inc. recently purchased the 11,821-square-foot, 85-year-old Warrior Building at 2017-23 W. Wisconsin Ave., Milwaukee, for $540,000 from Maryland Court Apartments LLC. The building has an assessed value of $545,000, according to city records. The building, located near the Marquette University campus, was originally used as a residence. It was converted to office space in the 1940s and was renovated in 2006 as classroom space for a charter school. The building houses Assata, an MPS alternative high school. In brokering the deal Mike Seramur, John Mazza and Sue Sardina of Ogden & Company represented Maryland Court Apartments and Dwight Kellogg of Ogden & Company represented Eagle Prairie. "I believe the school will continue to operate there," said Gordon Steimle, vice president of the commercial brokerage division for Ogden & Co. "I think (Eagle Prairie) just see it as a longer term investment. The area is improving and they see the potential of that area and that building improving over time."

Real estate people in the news

Waukesha-based The Redmond Company recently hired Gwen Graves as marketing director. Graves has 6 years of marketing experience, working primarily in the architectural, design and construction industry.

Milwaukee-based CG Schmidt Inc. recently hired Ross Eggert as a senior project manager, Paul Hackbarth as a project engineer and Holly Burrows as a project engineer. Eggert has 27 years of experience in construction management, with specific expertise in religious and educational projects. Hackbarth's responsibilities include assisting with cost controls, expediting and planning. He is currently working on the Bucyrus International Campus Expansion project in South Milwaukee. Burrows' responsibilities include assisting with cost controls, expediting and planning. She is currently working at the Columbia St. Mary’s replacement hospital project.

Wauwatosa-based Selzer-Ornst Company recently hired Chad Kucik as an assistant project manager. He is responsible for cost-estimating, scheduling, coordination of field personnel, and quality control. Selzer-Ornst also recently hired Paul Scott as a project manager and estimator. He has more than five years of experience in residential and commercial design, estimating, and project management.

Brookfield-based Briohn Building Corp. recently hired Kirk Wegner as a senior project manager. Wegner has extensive experience in all aspects of commercial construction

Real estate odds and ends

Gov. Jim Doyle recently signed a pair of bills into law that will affect the real estate industry. One streamlines and simplifies cooperative boundary agreement procedures and laws addressing certain boundary agreements, and encourages the use of alternative dispute resolution to resolve annexation and other boundary disputes. The other modifies statutes to give more flexibility to municipalities for the collection and use of impact fees on developers. 

HomeSale Realty announced that it has been selected as the exclusive agency for the Homestead Condominiums in Waukesha. The Homestead Condominiums, which feature 152 one and two-bedroom units, are located at 2738 Northview Road, just one mile south of Highway 94, between Highways T & G on Northview Road. "The Homestead is a condominium community that offers the conveniences of city living combined with the charm of a country setting," said Roy Scholtka, president of HomeSale Realty. "The units start at $115,900 and go up to $203,900. It's an outstanding location as well, in close proximity to shopping, restaurants and nature trails."

Real estate events

BOMA/AOMA January Luncheon, Wednesday, Jan. 9, 11:30 a.m. to 1 p.m., Milwaukee Athletic Club, 758 N. Broadway, Milwaukee. Call (414) 278-7557 for more information.

IREM Forecast Breakfast, Thursday, Jan. 17, 8 a.m., Italian Community Center, 631 E. Chicago St., Milwaukee. For more information, call (414) 476-4736.

The 46th annual Milwaukee/NARI Home Improvement Show, Thursday, Feb. 7 - Sun., Feb. 10, 2008 at the Wisconsin Exposition Center at State Fair Park in West Allis.

More real estate news

Real estate resources

Advertisement

  • Wis Business.com
  • On Milwaukee.com