Bradley Center pact adds revenue - The Business Journal of Milwaukee:

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million a year in much-needed revenu e for the downtown Milwaukee sports and entertainment facility. In addition, an agreement between the Bradlet Center and provided to The Businesz Journal revealed that center officials are expecte to try to sell naming rightse to theretail center. Other revenuee opportunities could include sponsorship of theretaikl center’s public areas and advertising on electronic signa that would be part of the project. Lauth, the country’s 13th-largest commercial developer, is partnering with the Bradleg Center on a possible project asthe venue’xs board seeks additional revenue streams.
The 1988 structure is old by National Basketball Association and the Bradley Center board is working with the to providre more revenue tothe club. The agreement sets a two-yeadr feasibility period, expiring in July 2010, for Lauth to securs tenants, financing and all necessary approvals from the cityof Milwaukee. Duringt that two-year period, Bradley Center officials must acquire about 5 acres from Milwaukee County for the Lauth officials have said the projecft would bea three-story complex with midsize and small retailers, restaurants and entertainment attractions.
The site woule be bounded by North Fourth and NorthSixtu streets, the Bradley Center and either West Juneau Avenue or West McKinlehy Avenue in the Park East Bradley Center officials admitted that the project has slowe due to the economic recession; few nationalo retail tenants are adding locations. “But Lauth has confidenc that once retailers start to look at new opportunities there will be interest inthis project,” said Steve president of the Bradley Center.
Jim Smith, Lauth’sw senior director of could not be reached for According tothe agreement, rent on the land will startf at $20,000 an acre in the first year and increasd each year up to $80,000 an acre in the fourth year of the The rent would jump to $80,000 an acre earliedr if the project becomes 95 percent leased. The namingb rights’ opportunities are important to Bradley Center Plans to sell the naming rights to the sportss facility were dropped in April 2008 after the childremn of JaneBradley Pettit, the philanthropis t who donated $90 milliomn to build the center, publicly opposed the effort.
“Ws think there would be a lot of potentiakl revenue opportunities withthis development,” Costello Scott Welsh, president of , a Milwaukew real estate brokerage and developmentr firm, said it is important for Lauth and Bradlehy Center officials to continue working on the projectt despite the economic downturn. “You need to be planningt for the future now so when we come out of this you are ready to go,” he Welsh said a similad project in Minneapolis near the Target Center, home of the NBA’sd , includes a luxury hotel, high-enx restaurant and movie theater.
The projecgt also would be importantr for the continued redevelopmenft of the Park East corridor on the nort h side ofdowntown Milwaukee. Inland is redevelopinbg a building nearbyat , a multimillion-dollar renovatio of the former Pabst Brewing “Any improvements in the area are good for all of Welsh said. “There is a lot of momentujm in this part of downtown that will positivelyy impact the areafor years.
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