Marcus Corp. and Hammes Co. have each submitted proposals to purchase and develop a 16,000-square foot (one-third of an acre) parcel owned by Milwaukee County in the Park East corridor in downtown Milwaukee, according to a source familiar with the proposals.
The property, known as “Block 12, Lot B” is bordered by North Water, North Edison and East Knapp streets. Feb. 1 was the first deadline to submit development proposals for the site, located northwest of Water and Knapp, under a rolling RFP process created by the county.
In November, Milwaukee-based Marcus Corp. purchased a 1.24-acre parcel at 1301-1357 N. Edison St., along the Milwaukee River and near the northwest corner of Knapp and Water streets, for $3.1 million.
Brookfield-based Hammes Co., the other company to submit an RFP for “Block 12, Lot B” purchased a 1.5-acre site at 210 E. Knapp St., in early 2015. That site is located across Water Street (to the east) from the site northwest of Water and Knapp.
Hammes Co. had been working on a plan to build three office buildings on the vacant area northwest of Water Street and Knapp Street. Plans for that site present a complicated real estate deal with a 0.37-acre portion of the site owned by Milwaukee County, a city street (Edison) running through the site and the remaining portion of the site being privately owned (now by Marcus Corp.). The city street would have been vacated, under Hammes’ previous development plan.
Hammes had an option to purchase the privately-owned site, but the option expired and Marcus purchased the parcel.
Katie Falvey, vice president of real estate for The Marcus Corp.said she couldn’t comment on plans or proposals that are in the development stages.
Hammes Co. founder and managing partner Jon Hammes, could not be reached for comment.
Teig Whaley-Smith, director of administrative services for Milwaukee County, would not provide details of the proposals or comment on whether other developers had submitted plans.
