Despite only putting up half of the money (if you still count Herb Kohl as an owner) necessary to build the new arena for the Milwaukee Bucks (which the owners could afford to do on their own), County Executive Chris Abele is prepared to sell the Bucks a piece of the county’s park east property for the centerpiece of their development for….a dollar. I suggest that all of our readers and the denizens of Blogging Blue each throw down a buck and out bid them…but I digress. Friends of BB who are in the trades say that the property has substantial hidden supports remaining from the Park East Freeway. The Bucks owners will have to remediate the property before actual construction can begin. That may well be true.
But $1 is still an incredible bargain. Particularly for people who don’t really know the value of a dollar or the value of real estate in downtown Milwaukee…or they are just willing to spend on the ancillaries now that the arena isn’t costing them much of anything. For instance:
An investors group operated by the owners of the Milwaukee Bucks has bought another vacant lot that will create a passageway to a planned entertainment center near the proposed Bucks arena.
Deer District LLC bought the 6,750-square-foot parking lot, 1117-1119 N. Old World Third St., from sausage maker Fred Usinger Inc. for $675,000, according to state real estate records posted Wednesday. It has an assessed value of $117,000.
In July, the group bought a 7,500-square-foot parking lot, 1129-1135 N. Old World 3rd St., for $750,000, according to state real estate records.
and here’s a bit more detail on the second purchase:
The 7,500-square-foot lot, 1129-1135 N. Old World 3rd St., is used for parking by The Loaded Slate tavern, which is just north of the property. It was sold to Deer District LLC for $750,000, according to state real estate records posted Thursday.
Deer District bought the lot, with an assessed value of $299,000 (again emphasis mine), from Milwaukee River Hotel-P LLC, a group affiliated with the owners of the nearby Aloft hotel, 1230 N. Old World 3rd St.
So they can buy parking lots for two or three or more times their value adjacent to their new arena but not the arena itself? We are still being played for suckers…
On a side note, the city of Milwaukee will pay to raze the current BMO Harris Bradley Center parking garage because it is within the footprint of the new arena. And then build a new parking garage to accommodate the new arena…the Bucks owners will not be paying a penny for this part of the development…yet the Bucks get half of the revenues? WTF?