Number
232015
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution authorizing an Exclusive Right to Negotiate for the RACM-owned property at 3055 West Hopkins Street in the Century City Business Park, in the 7th Aldermanic District.
Analysis
Body
Whereas, The Redevelopment Authority of the City of Milwaukee (“the Authority”) has been preparing the Century City Business Park for development and created the properties at 3945 North 31st Street and 3055 West Hopkins Street by Certified Survey Map in 2014; and
Whereas, The City of Milwaukee (“City”) and the Authority created the Century City Redevelopment Corporation and partnered with General Capital to develop the 53,000-sq. ft. Century City 1 building at 3945 North 31st Street in 2015; and
Whereas, In 2018 the Century City Redevelopment Corporation and General Capital sold their interests in the Century City 1 building to Good Opportunity Fund 1, LLC; and
Whereas, As of October 2021 the Century City 1 building has been fully leased with multiple tenants, including Craft Beverage Warehouse, LLC (“CBW”); and
Whereas, CBW is experiencing substantial growth and is interested in developing a new building at 3055 West Hopkins Street to expand their business; and
Whereas, MDKS Development, LLC (“Developer”) submitted an unsolicited offer to the Authority and Wisconsin State Statute 66.1333(9)(b) allows the Authority to accept unsolicited offers without public bidding, but can only sell the property after a public hearing is held by the Authority and the Common Council; and
Whereas, The Developer is seeking the Authority’s approval for an Exclusive Right to Negotiate for a period of nine months as outlined in the Site Control Report, which will allow the Developer time to seek financing and secure tenants for the new building; and
Whereas, After the negotiation period the Authority will specify the terms of the sale, purchase price, and development details in the Land Disposition ...
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