Number
170809
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. BAUMAN
Title
Substitute resolution relating to the sale of surplus Milwaukee Public Schools property at 2708 West Wisconsin Avenue, in the 4th Aldermanic District.
Analysis
This substitute resolution approves the sale of the former Wisconsin Avenue School, 2708 West Wisconsin Avenue, to Ambassador Enterprise LLC for redevelopment of the property as Ambassador Suites extended stay hotel.
Body
Whereas, Wisconsin Avenue School, 2708 West Wisconsin Avenue (the “Property”), was declared surplus by the Milwaukee Board of School Directors in 2009; and
Whereas, The Property has been vacant since 2007; and
Whereas, In accordance with the requirements imposed by Section 119.61, Wisconsin Statutes, the Property was listed for sale to education operators only for a two-year period that ended in July 2017; and
Whereas, No education operator purchased the Property during that two-year period; and
Whereas, In accordance with Section 119.61, Wisconsin Statutes, a Request for Proposals offering the Property for sale for adaptive reuse was issued July 17, 2017; and
Whereas, The Department of City Development (“DCD”) received one proposal for the purchase and redevelopment of the Property from Ambassador Enterprise LLC (the “Buyer”); and
Whereas, The Buyer proposes to invest an estimated $15 million to purchase and renovate the Property as an all-suites extended stay hotel; and
Whereas, The proposal to redevelop the property is compatible with the development vision of the Near West Side Plan; and
Whereas, The Buyer envisions the hotel development as part of a much larger commercial development project involving the adjacent City Campus buildings, which are owned by the Buyer; and
Whereas, The Buyer has significant experience in the redevelopment, ownership and management of existing properties in the Avenues West neighborhood, including the Ambassador Hotel, as well as other parts of Milwaukee; and
Whe...
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