Developers Plan 110-Key Element for Park East Corridor
MRH West L.L.C. plans to develop a 110-key Element hotel on the Park East corridor in Downtown Milwaukee, the Milwaukee Business Journal reports. The investment group is in negotiations with the Milwaukee County Board to purchase a site on Old World Third Street near the recently demolished Sydney Hih complex.
The property would be the city’s second extended-stay hotel and would rise across the street from a 160-key Aloft developed by MRH West. The investors are negotiating to have Starwood Hotels and Resorts Worldwide Inc., which also manages the neighboring Aloft, operate the proposed hotel.
To help finance the project, MRH West is proposing to use Midwestern Disaster Area bonds, a program which is set to expire by the end of the year. Jackson Street Management L.L.C.—which, like MRH West, is controlled by the developer Ed Carrow—is drawing on $43.5 million in bonds to build the Downtown Milwaukee Marriott. That $54 million, 204-key hotel is scheduled to open in mid-2013.
In multi-family development news, the Monona Plan Commission has approved construction of Treysta on the Water, a $17 million four-story luxury apartment complex. It will rise on Broadway west of Monona Drive along the Yahara River.
According to the Wisconsin State Journal, plans call for 121 apartments, boat slips for tenants and the public, boats for rent, a commercial cafe in the apartment complex’s lobby, retail space and a restaurant. Amenities will include a 24-hour-a-day concierge service, Robin Pharo, president of Treysta Group L.L.C., told the publication.
With the help of $1.5 million in tax increment financing, the developer will build underground parking, remedy wet soil, upgrade utilities and improve fire safety. An extension of the riverfront boardwalk is also planned.
Photo credits: Jon Kline via Wikimedia Commons
For more market data on Milwaukee, click here.