Westown Development Site
Land | 1.84 acres
Marketing description
CBRE, as sole advisor to the owner of record, is pleased to present this dynamic ~1.84-acre infill development site situated in the Westown neighborhood of downtown Milwaukee, Wisconsin (the “Property” or “Offering”). The Property consists of two parcels currently operated as surface parking lots at 191 West Michigan Street and 522 North 2nd Street, with additional frontage along Clybourn Street. The site, which occupies half a city block, is a short walk from Milwaukee’s East Town and Historic Third Ward neighborhoods and is adjacent to on- and off-ramps for I-794, providing convenient commuting access to the entire metro Milwaukee area.
The Westown neighborhood is experiencing a renaissance, with a myriad of new and exciting developments and enhancements to existing properties taking place within several blocks of the subject site. Notable newcomers that have already begun to bring thousands of employees and visitors to the immediate area include the Fiserv HQ at Hub640, Milwaukee Tool, Regal Rexnord, and 3rd St. Market Hall at The Avenue. Also forthcoming is the ~10-acre transformative mixed-use sports and entertainment development, the Iron District MKE, which will incorporate an 8,000-seat professional soccer stadium, housing, music, retail, dining, and hospitality. The neighborhood is most well known on the national map for the Deer District/Fiserv Forum, home to the 2021 NBA Champion Milwaukee Bucks.
With Milwaukee’s Downtown Plan 2040 aiming to boost the downtown population from its current ~17,000 residents to 40,000 and increasing downtown employment from 60,000 to 100,000 jobs, the Property is well-positioned to capitalize on this growth trajectory. New ownership may explore developing the site to its expected highest and best use of multifamily residential or pivot to alternative zoning-allowed uses, including office and hotel.
Landing Page: WestownCBRE.com
Investment highlights
PRIME INFILL DEVELOPMENT SITE
Rectangular parcels covering half a city block
Location avoids the heavy congestion of the Third Ward and has unimpeded views from all four sides
C9F(A) zoning allows for office, hotel, and multifamily residential above the ground floor
Income from surface parking will help to eliminate potential carry costs during the development planning process
EXCEPTIONAL ACCESS AND CONNECTIVITY
Adjacent to the I-794 interchange
One-half block from MCTS bus stop (Line 57) and one block from the East- West Bus Rapid Transit (BRT) line
One block from The Hop streetcar
Four blocks from the Milwaukee Intermodal Station (Amtrak, Greyhound)
PROXIMITY TO NEARBY AMENITIES
Walking distance to two food halls (3rd St. Market Hall and the Milwaukee Public Market in the Historic Third Ward)
One block from Milwaukee’s Riverwalk and the planned Downtown Dog Park/Foxtown Landing brewery
Live music venues including The Riverside and the Bradley Symphony Center are two blocks away
WESTOWN NEIGHBORHOOD UNDERGOING A RENAISSANCE
Major employers are in the process of bringing thousands of new employees within several blocks of the Property, including Fiserv (800 employees), Milwaukee Tool (1,200 employees) and Regal Rexnord (400 employees), as well as several firms who have relocated to The Avenue (GRAEF, Good Karma Brands, Herzing University)
The Iron District MKE, four blocks to the west, will create a sports and entertainment district surrounding an 8,000-seat soccer stadium
The recently renamed Baird Center is undergoing a $456MM expansion to their convention facility
The 30-acre Deer District, five blocks north of the Property, continues to have strong development momentum complementing the $524MM Fiserv Forum, with the May 2023 opening of the 207-unit The Trade, a Marriott Autograph Collection hotel
MILWAUKEE’S LONG-TERM GROWTH PLANS
Milwaukee’s 2040 Plan envisions adding 15,000 housing units downtown and improving public transportation, thereby doubling the number of residents who live in downtown Milwaukee and exemplifying Milwaukee’s willingness to invite development and overcome developmental obstacles
Mayor Cavalier Johnson is implementing develop-friendly policies that support a prominent campaign goal-raising Milwaukee’s population to one million residents
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