According to the Milwaukee Business Journal Milwaukee is in the middle of a construction boom. Major investments in districts, hotels, The Hop streetcar, office and residential buildings, and highways reflect the innovative vision adding to Milwaukee’s ever-changing cityscape
There are so many new developments taking place in Milwaukee it would be impossible to cover all of them in one article but here is a snippet of some of the main ones that are changing the City landscape.
New business and financial developments:
The Wisconsin Center is preparing for expansion, bringing Milwaukee’s convention center to an anticipated 480,841 sq. ft. total convention center space. BMO Harris Bank’s construction of a $137 million 25-story office building near City Hall is nearing completion. Grand Avenue Mall is being transformed into The Avenue with office and retail space including the 3rd St. Market Hall and Hub640.
Hotels:
JR Hospitality Group is creating a new hotel complex under the Holiday Inn Express brands. The Milwaukee Athletic Club, former Wisconsin Avenue School, and Humphrey Scottish Rite properties are being renovated and turned into new hotels.
The Hop:
Milwaukee’s streetcar, The Hop, is extending to Wisconsin Avenue, creation of a plaza on the corner of Vel Phillips and Wisconsin Avenues, expansion into the adjacent Bronzeville and Walker’s Point neighborhoods, and routes to the lakefront and Fiserv Forum.
Gateway Project:
A multi-million dollar project upgrading roads and park areas to improve connections between the lakefront and downtown Milwaukee.
Amphitheater:
Summerfest completed construction of the new 22,000-seat American Family Insurance Amphitheater opening during the 2020 festival season.
Revitalized Districts:
Built on the 30 acres surrounding the new Fiserv Forum arena, the Deer District is Milwaukee’s downtown sports and entertainment hub. In the new Brewery District, businesses such as Best Place at the Historic Pabst Brewery, The Captain Pabst Pilot House, The Brewhouse Inn & Suites, and NO STUDIOS have repurposed the historic Pabst Brewing buildings.
All of this development has coincided with a huge increase in property sales, a record 10,450 homes sold in the Milwaukee area during the first half of the year, housing sales were up 15.3% for the first six months as compared to last year.
GMAR President Mike Ruzicka stated that the systemic problem with the market is the lack of new construction of single-family houses and condominiums. The number of homes listed for sale in the region is up. But the inventory of available listings is at about 3 months. A balanced market has about six months of inventory. If the City does not create additional supply in the form of more single-family homes thousands of would-be homeowners will be forced into rental units.
Throughout the last two decades, the city has begun to make strides in revitalizing its neighborhoods around Downtown that used to house Milwaukee’s economic engines. Areas like the Third Ward and Menomonee Valley have converted former warehouses and factory buildings into office and residential mixed-use buildings, while incorporating new entertainment venues like the 381-room Potawatomi Hotel & Casino. The surge in activity has created a domino effect on Downtown and has made it an ever popular place to live, work and play.
It’s an exciting time in the city and this new growth promises even better things to come over the next five years, It doesn’t matter how you measure it Downtown Milwaukee is booming.
