Not only is a new Milwaukee Bucks arena expected to generate economic activity downtown, team President Peter Feigin says it could also land what many consider to be the Holy Grail of development: a headquarters for a larger corporation.
It’s one thing to generate nighttime economic activities in the form of bars, restaurants and retail; it’s another general economic activity with office space, as there’s a multiplier effect by bringing in larger numbers of people into an area, spending money throughout the day. And while attracting office space isn’t very a very glamorous pursuit, it’s certainly a cornerstone for the team ownership, who are spending over $250 million of their own money on a new Milwaukee Bucks arena that has economic development as a stated goal. So it’s no surprise that Feigin focused on the company HQ angle during a luncheon speech at the Medical College of Wisconsin in Wauwatosa. From Wispolitics.com:
“Our vision is: We need to get a headquarters down here,” said Feigin, who spoke yesterday at a WisPolitics.com luncheon at the Medical College of Wisconsin in Wauwatosa.
“The two blocks that are the eastern (portion) of Park East, which have a few hundred thousand square feet of potential commercial space, if I had a magic wand, I would have a lessee for 30 years in that space that would move 2,000 employees and have their headquarters on it,” said Feigin.
“I think we’ll get it,” he added. “We’ve just started the process and that’s a game-changer.”
Asked if he and the Bucks organization have been recruiting at least one major corporation to come to Milwaukee, Feigin replied, “Absolutely.”
The Bucks are partnering with developers on the broader Park East corridor redevelopment, but the team’s own development plan includes the arena, a $20-million office building, rentals and a parking ramp.
Images courtesy Milwaukee Bucks and Populous. Click on the images for a larger version.
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