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From Rainier Properties II, LLC requesting an extension to the option to purchase for the triangular-shaped .37-acre Block 6E in the Park East Corridor, located between North Water Street, North Edison Street and East Knapp Street in the City of Milwaukee, east of the Milwaukee River.
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From Rainier Properties II, LLC requesting an extension to the option to purchase for the triangular-shaped, .37-acre Block 6E in the Park East Corridor, located between North Water Street, North Edison Street and East Knapp Street in the City of Milwaukee, east of the Milwaukee River.
Milwaukee County Board Resolution File No. 06-14(a)(a) was adopted on April 13, 2006, accepting a development proposal from MLG Commercial, the predecessor to Rainier Properties II, LLC (“Rainier”) for Block 6E, in the amount of $676,000, which is $72,000 above the appraised value. The approved development project, estimated at $8 million, included a four-story mixed-use building, comprising 8,000 rental square feet of retail on the first floor, approximately 36,000 square feet of rentable office space on the upper three floors and up to 31 underground parking spaces.
As referenced above, the proposal from Rainier reflected a stand-alone mixed-use development for Block 6E, however, their proposal also presented a development alternative by assembling Block 6E with a riverfront parcel controlled by Rainier across North Edison Street (exhibit attached). Developing a project on the assembled 2.6-acre site offers an opportunity for landmark development with a tax base beyond what could be achieved solely on the .37-acre County-owned Block 6E.
Rainier continues to advance their development vision for Block 6E, as assembled with their riverfront parcel. In the attached May 27, 2011 letter, Mr. Bruce Westling, the managing member of Rainier, states the Marcus Corporation Theatres continues to be committed to anchoring the project. The letter states Rainier also embarked on an educational...
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