An Arena Deal is Close:
The new Downtown Milwaukee Arena is close to becoming a reality – but not a done deal. Owners along with Local and State officials have been diligently meeting to finalize the plan. While the benefits are unquestionable for the City, County and State, a complete funding model is the last piece of the puzzle and requires certainty around the local contribution. Many ideas have been considered and have amounted to a majority of the arena’s $500 million price tag to be funded. We are considering an approximate $50 to $100 million gap that will ultimately determine if we build the arena or not. You have a role in helping make this happen. The State Legislature and the Governor have committed $150 million to the project. By contacting your city and county officials, you can show them that YOU support this project and their continued efforts.
Consider the following:
- With the arena, we expect to see more than 10,000 jobs. Many of those jobs will employ City of Milwaukee residents and include both construction and permanent positions that are propped up by the influx in activity around the construction of the project.
- The arena development will lead to an anticipated $500 million in surrounding development. Owners chose the adjacent Park East location in order to allow for additional development of much needed office, multi-family and other mixed-use development.
- The arena will bring $730 million in new revenue for the State of Wisconsin in the form of income taxes over 30 years. If the team leaves, the money will follow.
- The impacts of development will be felt immediately with economic benefits for years to come.
- The development will bring density and connectivity to Downtown Milwaukee through a year-round retail and entertainment design and infrastructure changes that encourage traffic flow.
- Other cities making investments in similar projects have seen increases in permits pulled, traffic to the area and jobs created.
This catalytic project will benefit us all. Take action NOW to ensure the project is completed.
What can you do? Contact your local officials to tell them you support the new arena. Urge them to continue their work to find agreement on the funding. Officials have been committed to creative solutions and must be encouraged to continue.
- Mayor Tom Barrett’s Office: 414-286-2200 | mayor@milwaukee.gov (sample letter here) | Click Here to E-Mail Mayor Barrett NOW!
- County Executive Chris Abele’s Office: 414-278-4211 | CountyExec@milwaukeecountywi.gov (sample letter here) | Click Here to E-Mail County Executive Abele NOW!
CARW’s Interest in this project:
The Commercial Association of REALTORS is the Voice for commercial real estate in Wisconsin and has vowed to support the Milwaukee Downtown sports and entertainment arena. The 600 member organization representing many facets of the commercial real estate industry has been a vocal supporter of the project from day one. Our interest lies in growing the region – making our City and our State an even more desirable and profitable destination for tourists, residents and businesses. We care about economic development, prosperity and jobs. Our members work each and every day with business owners and communities making decisions on where to locate – and so often, these entities look to the vitality of an area to make that decision. They consider entertainment options, housing options, job options, and look closely to the connectivity to other economic drivers like retail and education.
The industry understands that large projects such as the arena, fuel economic development and connectivity, two vital and much-needed aspects for Milwaukee. While geographically centered in Downtown Milwaukee, the impacts are regional and Statewide. The construction of the downtown Milwaukee arena is a once in a lifetime opportunity to capitalize on a number of assets including the Milwaukee Bucks and the new ownership.
CARW has been one of a multi-faceted coalition, Play It Forward Wisconsin which includes individuals and organizations supporting this generational project and is committed to ensuring the discussions related to the final funding pieces continue as positively as they have to this point. Timing is critical as if plans are not firm very soon, Milwaukee is in jeopardy of losing the team and losing out on what is anticipated to be a $1 billion development. These opportunities, once gone, rarely return. We are committed to doing everything possible to bring this project to light.
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