Milwaukee County agrees to sell Park East plots for $1 to Bucks

By: CBS58 Staff

Posted: Sep 9, 2015 10:01 AM CDT | Updated: Sep 9, 2015 5:12 PM CDT

Milwaukee County Executive Chris Abele will announce the county sold Park East land plots the Milwaukee Bucks. The land will be used to build a new downtown arena development. The Bucks will pay $1 for the land, even though it is valued at more than $8 million.

The press conference is set for 2:00 pm Wednesday. Here are more details from the county:

County Executive Chris Abele, joined by Bucks President Peter Feigin, representatives from organized labor, and other arena supporters, will announce the approved sale of Park East land to the Milwaukee Bucks at 2:00 p.m. on Wednesday, September 9, at Block 7 of the Park East, located on the corner of 4th Street and Juneau Avenue.

The sale represents the next step in a major economic development that will change the landscape of Milwaukee County, creating thousands of good-paying jobs, and generating millions of dollars in new revenue to reinvest in our communities.

Over the next 9 years, the Park East property will be developed into a $400 million mixed use development project that is expected to create more than 3,700 jobs, including 1,000 permanent jobs, with an emphasis on hiring County residents and disadvantaged business entities.

The development will occur in three phases that will ultimately include a new NBA practice facility, 160,000 square feet in new office space, nearly 100,000 square feet in retail space, 395 market rate residential apartments, and a public plaza.

“I’m thrilled to finalize the Park East sale so we can get to work transforming an empty, unused space into a vibrant development that will serve as an economic engine of Milwaukee County for years to come and keep the Bucks right here in Milwaukee,” County Executive Chris Abele said. “This deal is proof that good things happen when we all work together for the benefit of Milwaukee County.”

**NOTE: More information on the Park East land sale will follow this afternoon.

The Milwaukee Bucks released the following statement from President Peter Feigin:

“We’re grateful for the leadership of County Executive Chris Abele and his team to seize this opportunity to revitalize the heart of downtown Milwaukee. As we forged this partnership, county and city officials have been incredibly dedicated to ensuring this development will benefit the entire community.

“The Park East land is a vital piece to our owners’ vision that goes beyond a new arena by attracting hundreds of millions more in private investment to our community. This sale represents the next step in a major economic development that will change the landscape of Milwaukee County. On this ground, we envision a vibrant community space featuring housing, office, commercial and retail opportunities, that will link the neighboring communities together with a world-class sports and entertainment destination.

“Starting with our practice facility, we can’t wait to begin work and start creating jobs, attracting further investment and becoming a great partner in the revitalization of Milwaukee.”