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ClarkWGriswald
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Chase sells downtown Milwaukee tower
The Business Journal of Milwaukee - 10:13 AM CDT Thursday
J.P. Morgan Chase & Co. has sold the Chase Tower in downtown Milwaukee to a Canadian real estate investment firm as part of a large portfolio that it sold for $460 million.
Various affiliates of the New York City financial corporation (NYSE: JPM) sold 5.3 million square feet in 33 commercial properties in 10 states to the Brookfield Real Estate Opportunity Fund of Brookfield Asset Management Inc., Toronto.
Brookfield Asset Management did not disclose a price for the 450,000-square-foot, 22-floor Milwaukee building, which was assessed at $34 million in 2006.
J.P. Morgan's banking subsidiary, JP Morgan Chase Bank N.A., has signed long-term lease agreements for significant portions of the space.
That's the full article. Nothing big(at least as far as I can tell), just something noteworthy. Here's the link as well.
http://milwaukee.bizjournals.com/milwaukee/stories/2006/10/02/daily33.html?jst=b_ln_hl
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10/6/2006, 8:36 am
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code212
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Re: In the News
I wonder if the Canadian Firm will add some more jobs to downtown? And maybe add to a sister tower where the parking garage is. hehe, oh can a guy dream.
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10/9/2006, 12:56 pm
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ClarkWGriswald
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Harley to expand if union concedes
Harley to expand if union concedes
Benefits, new hires' pay would shrink
By AVRUM D. LANK and RICK ROMELL
[email protected]
Posted: Oct. 13, 2006
Harley-Davidson Inc. is calling on its workers to approve lower wages for new hires and reduced benefits for all employees in exchange for a $120 million expansion of the firm's Milwaukee factories.
Advertisement
Harley will take the project elsewhere if members of United Steel Workers Local 2-209 reject the proposed cuts, company executive Rod Copes said Friday. He wouldn't say how many jobs would be added if the concessions are granted.
The cuts would slash wages for workers hired beginning next year by as much as a third, peel back the current generous health plan and reduce pension benefits.
The 1,500-member union will vote on the deal Monday. Workers first received details on the plan in a memo distributed late Thursday and Friday.
Harley also said the deal depends on state financial assistance. That is already in the works, Gov. Jim Doyle said Friday.
"We have had very good discussions with them," Doyle said. "I feel pretty confident that we have put a package together from the Department of Commerce that they will look at very favorably."
Article continued...
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10/14/2006, 12:41 pm
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ClarkWGriswald
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Harley-Davidson won't expand Milwaukee plants, will build out-of-state
This is too bad. Although I've never been a fan of unions, I think that HD might have been asking a little too much. Either way, it's a good opportunity for some other location in the country!
The Business Journal of Milwaukee - 2:07 PM CDT Monday
by Rich Rovito
Harley-Davidson Inc. announced Monday that it will build an additional motorcycle powertrain manufacturing and assembly plant outside of Wisconsin after the union representing hourly workers at the company's Milwaukee-area plants rejected contract concessions.
A new plant is needed to accommodate the expanded production of Milwaukee-based Harley-Davidson's Big Twin motorcycle engines and transmissions, company management said.
The announcement follows a vote Monday by members of Harley-Davidson's largest union, United Steelworkers Local 2-209, not to accept a plan that would have been favorable to expanding production capacity in Milwaukee.
Leaders of the union, which represents about 1,500 employees at Harley's plants in Wauwatosa and Menomonee Falls, had recommended that rank-and-file workers agree to concessions that would have cut pension benefits for existing employees, lowered wages for new hires and resulted in increased health care premiums.
In return, Harley management had vowed to invest $120 million to expand the company's Milwaukee-area factories.
Article continued...
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10/16/2006, 8:06 pm
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code212
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Re: In the News
Its a shame we couldn't keep what Harley was planning to do here in Milwaukee where it should be. I'm not surprised by this at all...
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10/17/2006, 4:00 pm
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ClarkWGriswald
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Wyndham wins a new look
Wyndham wins a new look
Marcus sees a niche this remodeled downtown hotel can fill
By TOM DAYKIN
[email protected]
Posted: Oct. 22, 2006
Marcus Corp. executives for years cast longing gazes at the Wyndham Milwaukee Center Hotel, one of their bigger competitors, and considered the possibilities.
The 220-room Wyndham opened in 1988 at 139 E. Kilbourn Ave., near some of downtown's larger office buildings and cultural attractions, and never lacked for business. But its owners, a group of investors from Texas and other states, weren't taking full advantage of the hotel's strong location, said Bill Otto, president of Marcus Corp.'s hotels division.
The Wyndham's lobby was large, but lacked pizzazz. The hotel's restaurant and bar were adequate, but not special. Ditto for the rooms, said Otto.
So, more than a year after Marcus bought the Wyndham for $23.6 million, the hotel is being transformed through a multimillion-dollar remodeling. Company executives calculate that Wyndham customers will accept higher room rates, and pricey restaurant and bar tabs, to be in downtown's "cool" hotel.
"We want to be the talked-about place," said Mark Knauer, whose Deerfield, Ill., interior design firm is helping remake the Wyndham.
Marcus won't disclose cost estimates. But the project is among this year's largest capital investments by Marcus, which counts downtown's Hilton Milwaukee City Center and the Pfister Hotel among its properties.
Marcus, which also operates movie theaters, generated revenue of $289.2 million and net income of $28.3 million in its latest fiscal year. About half of the company's revenue, and one-third of its operating profit, came from hotels and resorts owned or managed by Marcus.
Article continued...
I think this will be a plus for the hotel market in the city. I mean, I haven't stayed in any of the area hotels or been inside any of them, but I think this will provide yet another(positive) option for hotel patrons.
Has anyone been inside this building? From the outside, it looks like it could be quite nice???
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10/23/2006, 10:11 pm
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ClarkWGriswald
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Downtown condo market closing in on $1 billion
Downtown condo market closing in on $1 billion
Real estate developers, brokers see no slowing of trend in Milwaukee
The Business Journal of Milwaukee - October 27, 2006
by Pete Millard
There is no end in sight to the condominium craze that is reshaping and revitalizing downtown Milwaukee.
There is no end in sight to the condominium craze that is reshaping and revitalizing downtown Milwaukee.
Developers have proposed 11 projects in the Park East redevelopment corridor and nearby along North Water Street that will add more than 1,000 condo units and are expected to be completed before the end of 2009.
City planners estimate the value of the condominiums completed, under construction and planned downtown is more than $1 billion.
"The more the downtown evolves and becomes more exciting, the more people want to be a part of it," said Jim Schleif, a Milwaukee real estate broker with Shorewest Realtors, Brookfield.
Since 2000, developers have constructed or renovated 55 condo buildings that added 1,527 single-family residences to the city's downtown district. The completed condo buildings are valued at $404 million.
Projects in the works
There are 20 condo buildings under construction that will add 1,486 residences. There are an additional 12 projects that have received city approval and are expected to break ground in late 2006 or 2007 that will add another 1,496 condo units.
Together, the condos under construction and under development have an estimated value of more than $600 million. There are several mixed-use projects in the works that will add to the total, if they receive financing and city approval.
For example, Lake Pointe Tower will include dozens of upscale condos, more than 200,000 square feet of offices, a hotel and retail if it is approved. Lake Pointe Tower is planned to replace the U.S. Bank parking structure on East Michigan Street immediately south of the U.S. Bank Tower at 777 E. Wisconsin Ave.
It's no secret who the driving force is behind the condo explosion. It's the baby-boom generation, said Richard Ruvin, a partner with Ruvin Development Inc., Glendale.
People in their late 50s, 60s and 70s are more willing to sell their suburban homes in favor of condos that allow them freedom to travel or pursue other interests they've put off so long, said Ruvin.
Article continued...
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11/2/2006, 12:40 am
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ClarkWGriswald
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Re: In the News
A list from the article above...speaks for itself.
MILWAUKEE DOWNTOWN HOUSING, 2000 - PRESENT
Name Location Condo Units Planned/Completed
North Marshall St. Condos 1513 N. Marshall St. 2
Astor Street Townhomes 1528 N. Astor St. 2
River East Condominiums 805 E. Pearson St. 2
Summit Square 2230 N. Summit Ave. 4
Humboldt Ridge Townhomes 1004 E. Garfield Ave. 4
Vineyard Terrace - Condos 335 W. Vine St. 4
Vineyard Terrace - Single Family 335 W. Vine St. 7
City Lights Condominiums 1725 N. Palmer St. 7
Cobblers Townhomes 216 E. Reservoir Drive 8
Brady I and II 900 E. Brady St. 8
Townhomes at Brewers Hills (condo) 234 E. Reservoir Drive 8
Water Tower Row Townhouses 2569 N. Farwell Ave. 10
Reservoir Street Lofts 1846 N. 4th St. 10
Bowman Lofts 715 N. Milwaukee St. 10
Brewery Lofts 771 N. Water St. 12
Crescent Condominiums 1721 N. Hubbard St. 16
Commission House 400 N. Broadway 23
Roxwell Lofts 1017 S. 2nd St. 21
River Court 2050 N. Commerce St. 24
Commerce Bluff 1 1809 N. Commerce St. 12
Commerce Bluff 2 1825 N. Commerce St. 12
Highbridge I 1888 N. Water St. 27
Abbotsford Condos 1920 N. Farwell Ave. 27
Soap Works Lofts 418 N. 3rd St. 27
The Grain Exchange 741 N. Milwaukee St. 30
Maisonette Condos 1550 N. Warren Ave. 30
Lafayette Hill 1812 E. Lafayette Place 32
Riverbridge Phase II 1905 N. Water St. 39
Riverbridge Phase I 1915 N. Water St. 39
Riverbridge Phase III 1925 N. Water St. 39
Van Buren City Lofts 1325 N. Van Buren St. 42
Beerline River Homes East 2000 N. Commerce St. 22
The Warehouse Lofts 413 N. 2nd St. 43
Beerline River Homes West 1942 N. Commerce St. 20
The Lofts on Broadway 191 N. Broadway 56
Cobblers Lofts 234 E. Reservoir Drive 56
Western Leather Lofts 904 E. Pearson St. 56
The Parts House 215 W. Maple St. 60
The Waterfront 130 S. Water St. 64
Shoeworks Lofts 1900 N. Hubbard St. 64
1522 on the Lake 1522 N. Prospect Ave. 99
Courtyard Square 1108 N. Milwaukee St. 117
Trostel Square 1775-1841 N. River Walk Way 26
McCormick on Farwell 1619 N. Farwell Ave. 30
Park Terrace Rowhouses 2029-2057 N. Commerce 21
Peck Row Houses 1620 N. Farwell Ave. 6
Water Street Lofts 200 S. Water St. 85
Cathedral Square 545 E. Wells St. 27
Gaslight Lofts Milwaukee and Menomonee 50
Kilbourn Tower 923 E. Kilbourn Ave. 73
Vineyard Terrace - Townhomes/Duplexes 335 W. Vine St. 6
Reed Street Lofts 191 S. 2nd St. 8
Total 1527
Total Since 2002 1332
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11/2/2006, 12:45 am
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ClarkWGriswald
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Harley, union leaders reach deal
*****
It's good to see that the offer has been adjusted, and will be voted on again. I think this shows that the State really recognizes Harley as a valuable employer...we'll see at the vote what happens.
*****
Negotiators tweak pact voted down in October; aim is for firm to expand in state
By AVRUM D. LANK
[email protected]
Posted: Nov. 6, 2006
Harley-Davidson Inc. and leaders of its major Milwaukee-area union have reached a second agreement aimed at inducing the motorcycle manufacturer to undertake a $120 million expansion in the area, officials said Monday.
The new proposal includes a two-tier wage system for newly hired employees, although with smaller gaps than in an agreement rejected last month by members of Local 2-209 of the United Steelworkers, union president Jim Wheiland said. The previous offer would have cut by as much as one-third wages of workers hired after the first of the year.
The new agreement, to be voted upon next week, makes some of those cuts smaller, Wheiland said.
It also protects existing part-time employees who are members of the union. If they are hired full time, it will be at the higher wage structure, Weiland said. Cuts in pension plans, health insurance and cost of living adjustments remain, he said.
However, the new agreement contains explicit language saying the company will stop studying expanding elsewhere if the union agrees to the cuts, Wheiland said.
Wisconsin also has increased its offer of aid to help the expansion, said Mary Burke, secretary of the Department of Commerce.
Article continued...
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11/7/2006, 8:02 pm
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ClarkWGriswald
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Boutique hotel proposed for downtown
Boutique hotel proposed for downtown
Upscale project slated for 1870s building along Milwaukee Street
The Business Journal of Milwaukee - November 17, 2006
by Pete Millard
Developer Craig Stoehr will choose a hotel management firm in early December to operate an upscale, European-style boutique hotel in downtown Milwaukee in what is now a vacant office building.
Stoehr, along with two out-of-state partners, bought a 65,100-square-foot building at 625 N. Milwaukee St. in February for $2.2 million from Izman & Associates, Chicago.
"The plan is to develop a high-end hotel that will compete with Hotel Metro and The Pfister," he said.
Renovation of the four-story structure, formerly known as the Pioneer Building, is expected to begin in early 2007. Stoehr said he has yet to submit architectural plans to the city and the developers haven't determined the amount they will invest in the renovation of the 1870-vintage structure.
The interior and exterior of the hotel is still under design. Stoehr said the four-story atrium in the lobby will be a prominent feature.
Stoehr, who lives in Oconomowoc, is one of three principals in Badger Pacific Equity Partners, an investment firm with real estate and other holdings in several states.
Article continued...
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11/20/2006, 9:43 am
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