The Marcus Center for the Performing Arts has shifted gears in its attempt to bring a major development to the site of its parking structure at the northwest corner of Water Street and State Street in downtown Milwaukee. The Marcus Center has hired Bill Bonifas of CB Richard Ellis to find either a tenant interested in occupying a mixed-use development on the parking structure site or a developer for the project. "We have had meetings with developers that have different concepts for that location, as well as users," Bonifas said. "He is getting interest," said Paul Mathews, president and chief executive officer of the Marcus Center. However, no deal is imminent, he said.

The Marcus Center's decision to hire CB Richard Ellis is a shift from its previous approach to attract a development to the site. In August, the Marcus Center issued a request for proposals (RFP) seeking developers that would build a mixed-use development on the parking structure site. Several proposals were received, however, "none of them looked viable from our perspective," Mathews said. "After issuing the RFP, we weren't satisfied with the results."

Prior to issuing the RFP, the Marcus Center worked for a few years with Wauwatosa-based Irgens Development Partners LLC on a mixed-use development for the site. However, Irgens was unable to attract an anchor tenant for the project, prompting the Marcus Center to take a new approach and issue the RFP. Now the Marcus Center is again taking a new approach by using a real estate broker, Bonifas, to work on finding a tenant that could anchor a development on the site or a developer that has a viable project for the site.

The Marcus Center wants to see a mixed-use development with about 1,000 parking spaces (at least 700 are needed to replace the spaces in the existing structure) and first-floor retail space. A new skywalk to the Marcus Center also must be part of the project, Mathews said.

Office space would probably be the most complementary use for the bulk of the building, Bonifas said, because office workers will use the parking spaces during weekdays, and visitors coming to the Marcus Center will usually be there at night and on weekends.

The Fountains of Franklin development at South 51st Street and Rawson Avenue in Franklin has landed another tenant. A 13,440-square-foot CVS Pharmacy will be built along Rawson Avenue, west of the Sendik's store, which anchors the development. The developers for Fountains of Franklin are Devo Properties and Equitable Development.

CVS Pharmacy joins a growing list of tenants that will be coming to Fountains of Franklin. Recently, Equitable Development announced that Azana Salon & Spa, located at 200 N. Moorland Road in Brookfield, plans to add a second location in the Fountains of Franklin. The Franklin Azana Salon & Spa will be in a two-story, 11,450-square-foot building. By comparison, the Brookfield Azana is about 9,000 square feet.

Construction for a 21,600-square-foot building, which will include the Fountains of Franklin Azana, a cosmetic surgeon's office, a 3,200-square-foot Snap Fitness center and an upscale tanning boutique, is expected to begin this spring and be complete in November. David Hintzman, president of Equitable Development, said other tenants at Fountains of Franklin could include, "a 4,000-square-foot European bistro, a fine dining restaurant and a variety of specialty shops."

Oak Brook-based Renaissant Development Group LLC announced this week that Park Lafayette, its 20-story twin tower condominium development on Milwaukee's east side, is on schedule and will top off around July 4. The project will have 280 condominiums and is expected to be complete in 2009. So far 83 units have been sold.

The developers made the announcement about the topping off so early because they want to ensure the public that the project is progressing and distinguish it from other condo developments that are facing financing problems, said spokesman John Gardner. For example, the 151-unit First Place on the River project in the Fifth Ward is in receivership. That project is about $60 million in debt and about nearly half of the units remain unsold.

In contrast, the Park Lafayette project is fully financed and its financing is not dependent on condo sales, Gardner said. "They're absolutely financially stable and everything is moving forward," he said. "They want everyone to know, 'We're doing great.'" Amalgamated Bank in Washington D.C. provided the construction loan for the project, said Lynn Buckley, director of sales and marketing for Park Lafayette. "They have fully funded us for construction," she said.

Park Lafayette is located on the corner of North Prospect Avenue and East Lafayette Place. Vertical construction of the condo’s two towers began in October 2007, and the first residents are expected to move in January 2009. Both towers will be completed in June of 2009. The prices for the Park Lafayette range from $240,000 to $893,000. 

"We are excited to be approaching the final stages of this project," said Warren Barr, president of Renaissant Development. "The project is in great shape, and we are looking forward to the day when residents will be able to move into their new luxury condos. We hope they enjoy living in Park Lafayette as much as we have enjoyed building it."

Data compiled by ForeclosuresWI.com shows that foreclosures in the state continue to rise. The state had 2,060 foreclosure filings in March, up nearly 30 percent compared to March of 2007. For the first three months of the year foreclosures in Wisconsin are up 36.4 percent, from 4,834 in 2007 to 6,592 in 2008. For the same period, foreclosures in Milwaukee County rose 37.5 percent from 1,196 in 2007 to 1,644 in 2008, foreclosures rose in Kenosha County 39.8 percent from 191 to 267, foreclosures rose in Ozaukee County 38.2 percent from 34 to 47, foreclosures rose 42.7 percent in Sheboygan County from 75 to 107, foreclosures rose 7.3 percent in Walworth County from 124 to 133, foreclosures rose 38 percent in Washington County from 79 to 109 and foreclosures rose in Waukesha County 31.4 percent from 210 to 276.

Home sales in the four-county metro Milwaukee area were down 27.4 percent in March, compared with March of 2007, falling from 1,492 sales to 1,083, according to MLS data from the Greater Milwaukee Association of Realtors. During the month sales in Milwaukee County fell 22.4 percent, from 808 to 627; sales in Waukesha County fell 32.5 percent, from 419 to 283; sales in Ozaukee County fell 46.2 percent, from 104 to 56; and sales in Washington County fell 27.3 percent, from 161 to 117. Sales in the southern counties fell even further during March. Sales in Racine County fell 35.2 percent, from 196 to 127; sales in Kenosha County fell 30.3 percent, from 178 to 124; and sales in Walworth County fell 45.7 percent to 63.

West Allis-based HomeSale Realty announced that it has formed an affiliation with the franchise system of Parsippany, N.J.-based Coldwell Banker Real Estate Corp. and will now be known as Coldwell Banker HomeSale Realty, effective June 1. HomeSale Realty has offices in West Allis, Wauwatosa, Waukesha, Oak Creek, Menomonee Falls and is one of the largest real estate companies in the area with more than 200 agents.

Coldwell Banker has approximately 3,800 franchise and company-owned offices and nearly 117,000 sales associates in 47 countries and territories. HomeSale Realty said the merger will increase its presence in the Milwaukee area with more marketing, technology, resources and relocation referrals.

"HomeSale Realty has come a long, long way as a great independently owned and operated local company," said Roy Scholtka, president HomeSale Realty who will be president of Coldwell Banker HomeSale Realty. "While still maintaining our HomeSale company culture, we're taking the next step which is incorporating the national brand. There will be no jobs lost in our company and, in fact, we are actively recruiting new agents. Coldwell Banker HomeSale Realty will provide a further presence in the greater Milwaukee marketplace for the Coldwell Banker system. This means a greater benefit to consumers through the cutting edge marketing and technology tools that have made Coldwell Banker a premier real estate organization. Now more than ever, agents must be on the leading edge when it comes to meeting their client's real estate needs. As part of the Coldwell Banker system, Coldwell Banker HomeSale Realty agents will go into the market offering broad web exposure for their listings, resources to assist home buyers and sellers of all types and the all-important brand recognition that comes from being associated with Coldwell Banker as an independently owned and operated franchisee.”

IndependenceFirst leased 40,000 square feet of space (with an option to buy) in the former Karp Bakery Warehouse at 544 S. 1st St., Milwaukee, from 544 South 1st Street LLC. IndependenceFirst is a nonprofit organization that works to help empower people with disabilities through education, advocacy, independent living services and coalition building. Kevin Armstrong and Steve White of CB Richard Ellis represented IndependenceFirst in brokering the deal. The agency will move to the building from a 30,000-square-foot space at The Tannery complex at 600 W. Virginia St., Milwaukee, in the fall.

IndependenceFirst spent three years looking for a new office location. "Our facilities committee considered dozens of locations with a specific criteria for a 40,000-square-foot configurable office, ample free parking, convenience to bus routes and a flexible developer who was interested in working with us to promote the highest caliber of accessibility at a location that employs and serves people with disabilities in our community," said Scott Luber, director of administration at IndependenceFirst. "The new location affords us the space we need to grow and a unique address on First Street, which will be helpful aid in finding the new IndependenceFirst office for our customers, donors and volunteers."

One of the most important plans for the new office is making it very accessible for people with disabilities. More than 50 percent of IndependenceFirst's onsite staff, manage,ent and board of directors are people with disabilities. "We plan on our offices serving as a model of accessibility to other businesses who are interested in replication the concepts and for use in their planning, as people with age-related or other disabilities will be a new workforce option and a customer base that may not yet be fully appreciated in Milwaukee," Luber said. "Accessibility is one of the things our organization is all about and we truly walk (or roll) the talk."