marketing flyer - the riverway€¦ · interstate connector in downtown milwaukee, to the...

RAND J. WOLFManaging Director (414) 203 [email protected]

MICHAEL T. BYRNEExecutive Director(617) 204 [email protected]

MARTIN J. HANSBERRYAssociate(312) 470 [email protected]

DEVLIN C. MANSenior Analyst(617) 204 [email protected]

The depiction in the included photograph of any person, entity, sign, logo or property, other than Cushman & Wakefield’s (C&W) client and the property offered by C&W, is incidental only, and is not intended to connote any affiliation, connection, association, sponsorship or approval by or between that which is incidentally depicted and C&W or its client. This listing shall not be deemed an offer to lease, sublease or sell such property; and, in the event of any transaction for such property, no commission shall be earned by or payable to any cooperating broker except if otherwise provided pursuant to the express terms, rates and conditions of C&W’s agreement with its principal, if, as and when such commission (if any) is actually received from such principal. (A copy of the rates and conditions referred to above with respect to this property is available upon request.)

For more information, please contact:

THE RIVERWAY318 SOUTH WATER STREETMILWAUKEE, WI

1.8 ACRE WATERFRONT DEVELOPMENT SITEFOR SALE

EXECUTIVE SUMMARYCushman & Wakefield, Inc. has been exclusively retained to sell The Riverway, a 1.80 acre development site located along the Milwaukee River in Walker’s Point, just south of downtown Milwaukee, Wisconsin. The Riverway represents a premier residential development parcel which supports the development of 262 units (allowable under current underlying zoning) with the ability to construct even more with a “Detailed Planned Development” from the City of Milwaukee.Milwaukee is one of the leading cities in the Midwest and is currently undergoing a renaissance with new development occurring all over the city. The Riverway is located at the heart of this new development and benefits from an extremely strong demographic profile; within one mile of The Riverway the population is expected to grow more than 10% in the next five years, the median age is 30, and the average household income is nearly $76,000. The Riverway is also in close proximity to some of downtown Milwaukee’s largest employers and most popular attractions including Discovery World, Harley Davidson Museum, Milwaukee Art Museum, and a variety of clubs and restaurants.Milwaukee’s existing apartment stock is quite aged which has allowed newer developments including Avenir APT and One At the North End to achieve rents exceeding $2.00/SF. This established demand for luxury housing in downtown Milwaukee provides developers to deliver the Milwaukee’s next luxury residential address at The Riverway.

FOR SALE







THE RIVERWAY | WALKER’S POINT | DOWNTOWN MILWAUKEE1.8 Acre Waterfront Development Site

MILWAUKEE OVERVIEWMilwaukee is located in the Upper Midwest alongside the western shoreline of Lake Michigan and is the largest city in Wisconsin. As a leader in advanced manufacturing, financial services, technology, health care, and research, Milwaukee is one of the most dynamic cities in the Midwest. From its origins as a Great Lakes port to its turn as a top destination for the millennial generation – with its economically diverse employment base, rich historical culture, and desirable riverfront scene –Milwaukee continues to capture the imagined downtown environment.

Only 90 miles north of Chicago, Milwaukee’s central business district (CBD) is the economic hub of Southeastern Wisconsin and ranked as one of the nation’s top 15 emerging downtowns with more than 81,000 employees. Since 2005, $2 billion has been invested in the CBD, with investments ranging from a rebuild of the Marquette Interchange, a vital interstate connector in downtown Milwaukee, to the breathtaking 36-story University Club Tower, the tallest residential building in Wisconsin. In addition, there has been an incredible rebirth of Milwaukee’s Riverwalk, a 2-plus mile span of restaurants, brewpubs, shops, and waterfront nightlife along the banks of the Milwaukee River.

POPULATIONThe Milwaukee metropolitan statistical area is the 39th most populous metropolitan area in the United States with approximately 1.6 million residents; the larger Milwaukee-Racine-Waukesha combined statistical area has a population of approximately 2 million residents and is the 29th most populous in the United States (2013 US Census Estimate). Milwaukee alone has approximately 600,000 residents and continues to benefit from the recent re-urbanization led by the millennial generation’s preference for a walkable, work-live-play environment. More than 60,000 young college graduates flocked to Milwaukee last year alone.

DEMOGRAPHICS 1 MILE 3 MILES 5 MILES

TOTAL POPULATION 7,487 197,191 427,172

5 YR. POPULATION GROWTH 11% 1% 1%

AVG. HOUSEHOLD INCOME $75,953 $45,209 $50,371

5 YR. INCOME GROWTH 22% 18% 16%

#4 Milwaukee – Top 5 Cities Projecting Net Job Growth- Forbes Magazine 2015

FOR SALE







1.8 Acre Waterfront Development Site

EMPLOYMENT & LABOR OVERVIEWAccording to the Bureau of Labor Statistics (BLS), the Milwaukee metro’s largest non-farm employment sectors are education and health services (19%), trade, transportation, and utilities (17%), professional and business services (15%), manufacturing (14%), and government (11%). The largest private employer is Aurora Health Care with 21,000 employees.

HEALTHCAREMilwaukee ranks in the top three nationally for access to health care, as it has the third highest per-capita ratio of both hospitals and primary care physicians per resident. Overall, there are six hospitals in Milwaukee that provide almost 5,000 inpatient beds. Milwaukee’s Children’s Hospital of Wisconsin is one of the top children’s hospitals in the nation and Aurora St. Luke’s Medical Center and Froedtert Hospital combined for more than ten nationally ranked specialties. Milwaukee is also one of select cities designated as a Well City, a program developed to help create a healthy and vibrant workforce. INDUSTRY EMPLOYMENT (000's)

Education and Health services 160.5Trade, Transportation, and Utilities 140.1Manufacturing 120.0Professional and Business services 123.7Government 88.5Leisure and Hospitality 68.2Financial Activities 52.8Other services 43.0Construction 23.4Information 14.3Mining and Logging 0.4TOTAL NONFARM 834.9

COMPANY EMPLOYEESAurora Health Care 21,100Wheaton Franciscan Healthcare 12,000Kohl’s Department Stores 7,700Froedtert Health 6,100GE Healthcare 6,000Quad/Graphics 5,600Columbia/St. Mary’s 5,400Medical College of Wisconsin 5,200Northwestern Mutual 5,000ProHealth Care, Inc. 5,000

THE RIVERWAY | WALKER’S POINT | DOWNTOWN MILWAUKEE

FOR SALE








SITE OVERVIEW318 South Water Street consists of a 78,713 square foot (1.80 acres) parcel of land situated along South Water Street and the Milwaukee River in Walker’s Point, just south of downtown Milwaukee. Currently being used as boat storage, the underlying zoning is “IM” which is an industrial sub-district that will allow up to 1 residential unit per 300 square feet of lot area or approximately 262 units.

However, by working with the City of Milwaukee it would be possible for the site to support additional density by obtaining a “Detailed Plan Development”. For additional details on zoning, please visit the City of Milwaukee’s Department of City Development at http://city.milwaukee.gov/Planning

Additional due diligence information will be made available to qualified buyers at the appropriate time, please contact one of the team members below for more information.

ASSET OVERVIEW

TAX ID 4290031111

ASSESSED VALUE $1,913,100

LOT SIZE 78,713 SF (1.80 Acres)

UNDERLYING ZONING IM

FOR SALE








TRANSPORTATIONThe Milwaukee County Transit System currently operates over 50 routes covering 241 square miles. With respect to downtown business and/or leisure travelers, the CTA provides a favorable 30 minute commute to and from Milwaukee’s Mitchell International Airport (MKE), located 6 miles south of the downtown area. MKE serves more than 6 million passengers annually and offers non-stop flights to 30+ cities and one-stop connections to 150+ cities worldwide. As the only airport in Wisconsin or Illinois served by all the major domestic airlines, MKE offers more than 200 daily flights.

The future of downtown Milwaukee’s transportation system includes the Streetcar network, a $65 million high-speed rail system that will connect the Intermodal Station (the transportation focal point for downtown Milwaukee with more than 1 million passengers annually), the Third Ward (the fastest-growing neighborhood in the city), East Town (the largest concentration of jobs in the state), and the lower east side (highest-density residential neighborhood in the state). This rail system, expected to be operational by the third quarter of 2016, “can put Milwaukee on the map for young professionals and will be a powerful magnet for retaining and recruiting young talent (FUEL Milwaukee).”

FINE DININGMilwaukee is an ethnic melting pot that inspires a wide variety of fine dining in the CBD. With specialties that range from traditional surf and turf, to Cajun, to Moroccan, to Szechuan-style Chinese food, there is no shortage of cuisine variety. In addition to popular downtown restaurants like Harbor House with its scenic views of Lake Michigan to Zaffiro’s renowned, hand-crafted thin crust pizza, Milwaukee is also a city famous for bratwursts, Friday night fish fries, and frozen custard.

ARTS AND ENTERTAINMENTMilwaukee, advertised as the "City of Festivals,” hosts the Wisconsin State Fair as well as the renowned annual Summerfest. Summerfest is listed in the Guinness Book of World Records as the largest Music Festival in the world; Summerfest attracts almost 1 million people a year and is held at the 75-acre Henry Maier Festival Park in the Third Ward.

In addition to its nationally renowned festivals, Milwaukee’s museums are nothing short of breathtaking. The Milwaukee Art Museum is Milwaukee's most visually prominent cultural attraction. Its $100 million wing was designed by Santiago Calatrava in his first American commission. The museum includes a "brise soleil," a moving sunscreen that unfolds like the wing of a bird. Milwaukee’s other museums include: the Milwaukee Public Museum, Discovery World, Villa Terrace Decorative Arts Museum, Charles Allis Art Museum, Mitchell Park Horticulture Conservatory, Haggerty Museum of Art, and the new Harley Davidson Museum. The Harley Davidson Museum, which opened to the public in July 2008, was constructed for an estimated $75 million and attracts an estimated 350,000 visitors annually from around the world.

SPORTS AND ENTERTAINMENT Milwaukee is home to three professional sports teams. Miller Park, which opened in 2001 and located in the West Allis submarket, is home to the MLB’s Milwaukee Brewers. The BMO Harris Bradley Center, which opened in 1988 and located in the CBD, is home to the NBA’s Milwaukee Bucks and the AHL’s Milwaukee Admirals. As an added benefit, the Super Bowl XLV Champion Green Bay Packers are just a short drive from Milwaukee.

FOR SALE








FOR SALE








FOR MORE INFORMATION, PLEASE CONTACT:

RAND J. WOLFMANAGING DIRECTOR

(414) 203 [email protected]

MICHAEL T. BYRNEEXECUTIVE DIRECTOR


MARTIN J. HANSBERRYASSOCIATE


DEVLIN C. MANSENIOR ANALYST


RETAIL REDEVELOPMENTBLUEMOUND RD

4.6 ACRE SITE

5CUSHMAN & WAKEFIELD / THE BOERKE COMPANY, INC.

STATE OF WISCONSIN BROKER DISCLOSURETo Non-Residential Customers

Prior to negotiating on your behalf the Broker must provide you the followingdisclosure statement:

BROKER DISCLOSURE TO CUSTOMERS

You are the customer of the broker. The broker is either an agent of another party inthe transaction or a subagent of another broker who is the agent of another party in the transaction. The broker, or a salesperson acting on the behalf of the broker, may providebrokerage services to you.Whenever the broker is providing brokerage services to you, the broker owes you, thecustomer, the following duties: The duty to prove brokerage services to you fairly and honestly.

The duty to exercise reasonable skill and care in providing brokerage services to you.

The duty to provide you with accurate information about market conditions within a reasonabletime if you request it, unless disclosure of the information is prohibited by law.

The duty to disclose to you in writing certain material adverse facts about a property, unlessdisclosure of the information is prohibited by law (see “Definition of Material Adverse Facts”below).

The duty to protect your confidentiality. Unless the law requires it, the broker will not disclose your confidential information of other parties.

The duty to safeguard trust funds and other property the broker holds.

The duty, when negotiating, to present contract proposals in an objective and unbiasedmanner and disclose the advantages and disadvantages of the proposals.

Please review this information carefully. A broker or salesperson can answer yourquestions about brokerage services, but if you need legal advice, tax advice, or a professional home inspection, contact an attorney, tax advisor, or home inspector.

This disclosure is required by section 452.135 of the Wisconsin Statutes and is forinformation only. It is a plain language summary of a broker’s duties to a customerunder section 452.133 (1) of the Wisconsin Statutes.

CONFIDENTIALITY NOTICE TO CUSTOMERS

Broker will keep confidential any information given to broker in confidence, or any information obtained by broker that he or she knows a reasonable person would wantto be kept confidential by law, or you authorize the broker to disclose particularinformation. A broker shall continue to keep the information confidential after broker is nolonger providing brokerage services to you.

NON-CONFIDENTIAL INFORMATION (The followinginformation may be disclosed by Broker):

(INSERT INFORMATION YOU AUTHORIZE THE BROKER TO DISCLOSE SUCH AS FINANCIAL QUALIFICATION INFORMATION)

CONSENT TO TELEPHONE SOLICITATION

I/We agree that the Broker and any affiliated settlement service providers (forexample, a mortgage company or title company) may call our/my home or cell phonenumbers regarding issues, goods and services related to the real estate transactionuntil I/we withdraw this consent in writing. List Home/Cell Numbers:

The following information is required to be disclosed by law.

1. Material adverse facts, as defined in section 452.01 (5g) of the Wisconsinstatutes (see “definition of material adverse facts” below).

2. Any facts known by the broker that contradict any information included in awritten inspection report on the property or real estate that is the subject of thetransaction. To ensure that the broker is aware of what specific information below. At a later time, you may also provide the broker with other information that you consider to be confidential.

CONFIDENTIAL INFORMATION:

SEX OFFENDER REGISTRY

Notice: You may obtain information about the sex offender registry and persons registered withthe registry by contacting the Wisconsin Department of Corrections on the internet at http://offender.doc.state.wi.us/public/ or by phone at 608-240-5830.

DEFINITION OF MATERIAL ADVERSE FACTS

A “material adverse fact” is defined in Wis. Stat. 452.01 (5g) as an adverse fact that a partyindicates is of such significance, or that is generally recognized by a competent licensee asbeing of such significate to a reasonable party that it affects or would affect the party’sdecision to enter into a contract or agreement concerning a transaction or affects orwould affect the party’s decision about the terms of such a contract or agreement. An“adverse fact” is defined in Wis. Stat. 452.01 (1e) as a condition or occurrence that a competent licensee generally recognizes will significantly adversely affect the value of theproperty, significantly reduce the structural integrity of improvements to real estate, orpresent a significant health risk to occupants of the property, or information that indicates that a party to a transaction is not able to or does not intend to meet his or herobligations under a contract or agreement made concerning the transaction.No representation is made as to the legal validity of any provision or the adequacy of any provision on any specific transaction.

Wisconsin Law requires all real estate licensees to give the followinginformation about brokerage services to prospective customers.

MILWAUKEE BAR /RESTAURANT AVAILABLE FOR SA

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