The news remains positive and the momentum remains strong in the redevelopment of the former Bucyrus campus.
The Milwaukee Journal Sentinel covered the the issue extensively in a story posted to its website Friday afternoon, and I expect it will appear in Sunday’s print edition. Check it out here. From it …
A Reich Brothers affiliate in August paid $13.3 million for eight buildings between Rawson Avenue, Milwaukee Avenue, 10th Avenue and the railroad tracks, according to state real estate records.
Reich Brothers in January took full control of the site after Caterpillar finished moving out its equipment.
“Everything is tenant-ready,” said Michael Reich, of Reich Brothers.
“And we’re open for business,” said Reich, co-director of business development and acquisitions.
The White Plains, New York-based firm has cleaned up the buildings now that Caterpillar has left the house. That’s brought an increase in visits from prospective tenants, Reich said.
“They look and show very well,” he said.
A few news and notes about the campus …
- Earlier this month, the Wisconsin Department of Revenue officially certified the new tax incremental financing district created for the campus redevelopment and other downtown properties. It is now ready to support to redevelopment costs and drive growth the downtown district. This is significant news, and the culmination of more than a year of work by many people inside City Hall.
- Forbes published a story last week about an additional investor in the property, HFZ Capital Group. See it here. I was happy to see them double down on a commitment to mixed use for the property. Said Adam Feldman of HFZ: “ur collective goal is to rehabilitate and re-purpose these properties. These are places where a big company shut down and the community lost a big piece of the tax base. We want to bring in new companies and revitalize those areas.”
- The firm representing Reich Brothers had an open house for brokers on Thursday, and it was really well attended. I joined more than two dozen brokers who toured the space, and feedback was very positive.