Information Sheet

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Information Sheet
 110,000 SF CLASS‐A HISTORIC OFFICE ON THE RIVER – LAACKE & JOYS REDEVELOPMENT 1421‐1475 N. WATER STREET | MILWAUKEE, WI 53202 Water Street is the most exciting and vibrant areas within Downtown Milwaukee for new authentic Class A office
headquarters, hotel, high-end retail, restaurant/bar, and residents. This newly listed building is a stunning
opportunity for an upscale hotel, office, or retailer in a walker’s paradise that is transportation friendly! Prime
location for a work, live and play environment! Car sharing is available; nearby amenities within 3-4 blocks – river,
park, restaurants, hotels, banks, coffee shops, music venues, new housing, grocery, and other retailers. The site
will be located near the proposed new Streetcar line and is within a ½ mile of the new Bucks Entertainment
District with $1 billion in new development.
 110,000 SF Class A office building to be built on the northern portion of the site
 570’ of incredible river frontage and views along the new river walk
 Bike and kayak accessible. Potential for public boat slips.
 Ample onsite and offsite parking
 Timber beams and exposed brick in the existing building – the “3rd Ward” feel within the CBD
SPACE AVAILABLE:
Historic Modern Office – 59,000 SF (3rd
Floor – 15,000 RSF; 4th Floor – 25,000
RSF; Top/5th Floors – 19,000 RSF);
2009 Demographics
Corner
Retail – 12,500SF with patio
*Amenities include riverwalk, private and
common patios.
WALK SCORE:
88 – Very Walkable
PARKING: 110 onsite stalls. 2,000 stalls within 4 blocks
including at other Wangard owned property.
SIGNAGE: Available on buildings facing Water Street for the
anchor tenant.
TRANSIT SCORE:
60 – Good Transit Accessibility
Car sharing is available from Zipcar, RelayRides, and Uber
TRAFFIC COUNT: 18,100 AADT (WIDOT)
FOR FURTHER INFORMATION, PLEASE CONTACT
Burton Metz :: [email protected] :: (t) 414.935.4028 :: (c)414.745.9051 CONCEPTUAL DEVELOPMENT PLAN Secured Onsite
Parking
Parking Deck
110,000 SF Historic Class A Office
with new modern addition
12,500 SF Retail
/ Restaurant
Surface Parking and
Patio Space
FOR FURTHER INFORMATION, PLEASE CONTACT
Burton Metz :: [email protected] :: (t) 414.935.4028 :: (c)414.745.9051 RENDERINGS Entrance View
View toward SW
View from Broadway
FOR FURTHER INFORMATION, PLEASE CONTACT
Burton Metz :: [email protected] :: (t) 414.935.4028 :: (c)414.745.9051 View from Water Street
View toward SE
ADDITION & RENOVATED CLASS A OFFICE 110,000 SF building. 5 stories of approximately 23,000 SF each. Timber beam and brick construction
creating a lofty 3rd Ward style within the heart of the CBD. Central elevator and restroom core. Large
windows overlooking Water Street and the River to maximize both amazing city and river views while
allowing ample natural daylight in. Access to the riverwalk, patios, and an onsite gym.
FOR FURTHER INFORMATION, PLEASE CONTACT
Burton Metz :: [email protected] :: (t) 414.935.4028 :: (c)414.745.9051 Third Floor: 15,000 RSF Available
Entire west side of the new building – facing the river
Fourth Floor: 25,000 RSF Available
Full floor – new steel structure and existing brick and timber
FOR FURTHER INFORMATION, PLEASE CONTACT
Burton Metz :: [email protected] :: (t) 414.935.4028 :: (c)414.745.9051 Fifth Floor: 19,000 RSF Available
Full Top Floor – Potential for a common/private rooftop deck
on top of roof of existing four-story building
FOR FURTHER INFORMATION, PLEASE CONTACT
Burton Metz :: [email protected] :: (t) 414.935.4028 :: (c)414.745.9051 RESTAURANT/RETAIL Two story building with 12,500 SF. 80’ width along the river and Water Street. 95’ depth. Drive through
with overhead doors on each end of the building. Spot for a patio in the back. Full survey and tour upon
request.
FOR FURTHER INFORMATION, PLEASE CONTACT
Burton Metz :: [email protected] :: (t) 414.935.4028 :: (c)414.745.9051 NEIGHBORHOOD OVERVIEW NEARBY EMPLOYEE FACTS
 81,000 employees are in Downton Milwaukee (Bid #21)
 Downtown Milwaukee accounts for more than 43% of the office market in the Milwaukee area.
 Manpower’s headquarters is directly across the river (1 block away) with 1,200 employees.
 Hammes is proposing 3 office towers next to the site with a development value of $80 million
 Time Warner Cable is 1 block away with 1,000 employees.
 Schlitz Park, which is a 100% occupied office complex, employs 4,300 employees.
 The proposed office building on the site would have 300-400 employees.
NEARBY ARTS, CULTURE AND ENTERTAINMENT
 There are six universities within two miles of Downtown; MSOE is located across the street
from the site
 Downtown is home to multiple auditoriums and theaters with > 10,000 seats; compared to the
average of 8,600
FOR FURTHER INFORMATION, PLEASE CONTACT
Burton Metz :: [email protected] :: (t) 414.935.4028 :: (c)414.745.9051 

Proposed Streetcar will have a stop just 4 blocks from the site
Milwaukee is positioned to become the world epicenter for water and science technology;
drawing conferences
In summary, there were 4.3 million annual visitors to Bradley Center, Maier Festival Grounds and
Wisconsin Center District.
Figure 1 ‐ Source: http://www.milwaukeedowntown.com/images/content/downloads/2012MarketProfile.pdf
FOR FURTHER INFORMATION, PLEASE CONTACT
Burton Metz :: [email protected] :: (t) 414.935.4028 :: (c)414.745.9051 MILWAUKEE MARKET OVERVIEW
The City of Milwaukee, located on the western shore of Lake Michigan, is the largest city in the state of
Wisconsin with a population of 599,164 as of 2013. With a size of 98.6 square miles, it is the central economic
driver of the Milwaukee-Racine-Waukesha metropolitan area, which has a population of 2,040,498 as of the 2013
US Census estimate. The city lies 92 miles north of Chicago IL, 80 miles east of Madison WI, and 330 southeast of
Minneapolis/St. Paul MN. As such, it is in close proximity to some of the Midwest’s premier employment, financial
and educational institutions.
Downtown Milwaukee has experienced starkly different population, employment and income growth trends
compared to the broader city. The City of Milwaukee experienced relatively flat population and income growth
from 2000-2010, according to the US Census Bureau. Over that period, the citywide population declined by 0.4%
while median household income rose 2.2% to $32,911. In contrast, Downtown Milwaukee’s population grew by
25.5% to 21,395 over the corresponding period. The median household income of downtowns residents also
increased by an impressive 38.4% to $44,205. As of 2010, the median age of a downtown resident was 29.9 years,
a decrease of 7.1% since 2000. By contrast, the citywide average age in 2010 was 30.3 years, a decrease of only 1%
over the past decade. This reflects the broader nationwide trend of young people relocating to the core urban
area.
The top 5 private sector employers in Downtown Milwaukee include Roundy’s, Northwestern Mutual, Wisconsin
Energy Corporation, BMO Harris Bank, and AT&T Wisconsin, according to the MMAC Business Resource Guide.
In aggregate, there are approximately 81,000 employees working downtown, 56.4% of them working in white
collar industries such as finance, insurance, professional or scientific services, and administrative capacities. Over
57% of employees working downtown earn more than $3,333 per month, according to the Census Bureau. Out
of the 81,000 employees working downtown, 96.8% live outside of the downtown area as defined above although
40.2% live in the City of Milwaukee and 60% live within 10 miles of downtown, according to the US Census
Bureau.
A 2013 report prepared for the International Downtown Association found that Downtown Milwaukee has
“Extremely High Job Density” at 112 jobs per acre. This was among the highest in the study. The same study
found that Downtown Milwaukee has an “Extremely High Live-Work Quotient,” with 30.9% of workers both
living and working within the commercial downtown and the surrounding 1 miles radius. This again ranked among
the highest in the study and was on par with Minneapolis (34.9%), Pittsburgh (31.3%), Charlotte (31.2%) and
Denver (30.9%).
Metro Milwaukee is currently experiencing a significant amount of investment in development and infrastructure;
in fact, there has been $2.6 billion of public and private investment that has taken place within downtown
Milwaukee since 2005. Completed projects include the ManpowerGroup World Headquarters ($78 million),
Schlitz Office Park ($49 million), and over $775 million in residential development.
The Laacke and Joys project aims to capitalize on and add to the ongoing population and job growth of
Downtown Milwaukee.
FOR FURTHER INFORMATION, PLEASE CONTACT
Burton Metz :: [email protected] :: (t) 414.935.4028 :: (c)414.745.9051 The City of Milwaukee continues to grow and add new jobs in the central business district. Northwestern Mutual
is building a new 1.1 million square foot office tower on the site of its current 500,000 square foot office with
total project costs of approximately $500 million. This new office complex will serve as a catalyst for job growth
in the city by preserving approximately 1,000 jobs while creating an additional 2,000 jobs. Other projects under
construction include the 18-story, 358,000SF 833 East Michigan office building whose total project costs are
$101.5 million. Additionally, another $29.5 million of office development has been proposed for downtown.
Multi-family is also booming in the market. Currently, eight apartment project are under construction in
downtown Milwaukee totaling $176.2 million and an additional $467.9 million in proposed multi-family
development. In Southeastern Wisconsin, employment gains through business expansion and new business
relocations have encouraged developers to complete the most apartments since the recession, while net
absorption was strong for the fifth straight year.
There is also $98.6 million of projects under construction and proposed investment in public infrastructure. These
project include the Hoan Bridge/I-794 Reconstruction ($172.2 million), which is currently under construction; the
Lakefront Gateway Project ($34 Million); and the Downtown Streetcar Loop ($64.6 million). The Lakefront
Gateway Project is a collaborative effort to improve the public spaces at the downtown lakefront, improve
connections between the lakefront, downtown Milwaukee, the Historic Third Ward and create and enhance
development sites. The Milwaukee Streetcar Loop will improve public transit and promote future economic
development. The first phase will be a 2.5 mile starter system that will connect Third Ward (the fastest-growing
neighborhood in the City); East Town (with the largest concentration of jobs in the state); and the lower east side
(the highest-density residential neighborhood in the state).
FOR FURTHER INFORMATION, PLEASE CONTACT
Burton Metz :: [email protected] :: (t) 414.935.4028 :: (c)414.745.9051 Overall during 2015, according to Marcus & Millichap, employers will generate 10,000 jobs in the metro area, a
1.2% increase. According to the Milwaukee Metropolitan Association of Commerce (MMAC), nonfarm payrolls
have grown for 54 consecutive months. During 1Q2015, average hourly earnings increased 2.9% from the
previous year while new car registrations increased 8.9%, potentially alluding to increased confidence of the
consumer to spend discretionary income. According to research from Marcus & Millichap, the Milwaukee metro
will create nearly 7,000 office-using positions this year. The positive employment outlook will continue to bolster
growth in Milwaukee. In aggregate, the 1Q2015 economic data points to sustained growth.
Demographics
Population
Households
Average Income
2015 2020 2015 2020 2015 2020 5 Min
10 Min
15 Min
44,834
45,778
22,205
22,745
$49,271
$57,356
216,147
217,911
87,041
88,180
$40,971
$46,979
526,254
528,860
210,171
211,557
$51,596
$58,926
* Source: ESRI forecasts for 2015 and 2020.
nformation shown herein was furnished by sources deemed reliable and is believed to be accurate, however, no warranty or representation is made as to the accuracy thereof and
is subject to correction. Prices are subject to change without notice
FOR FURTHER INFORMATION, PLEASE CONTACT
Burton Metz :: [email protected] :: (t) 414.935.4028 :: (c)414.745.9051 FOR FURTHER INFORMATION, PLEASE CONTACT
Burton Metz :: [email protected] :: (t) 414.935.4028 :: (c)414.745.9051