By Tom Daykin
Milwaukee Journal Sentinel
A $70 million development proposed for the Park East area won approval today from a committee of Milwaukee County supervisors, but only after they voted to add a new level to the county's approval process for such proposals.
The first phase of Park East Square, which would be bordered by N. Milwaukee, N. Jefferson and E. Lyon streets and E. Ogden Ave., was approved by the County Board's Committee on Economic and Community Development. The full board is to review the matter at its Sept. 28 meeting.
The development, proposed by Chicago-based RSC & Associates, would include a 143-room hotel, 127 luxury apartments and 81,100 square feet of retail space. RSC would buy the 2-acre vacant lot from the county for $2,725,000.
Richard Curto, RSC president, told committee members that he's secured $14 million in equity investments for Park East Square, and is now working to obtain a construction loan to complete the development's financing package.
Park East Square's second phase would be on a neighboring county-owned lot, bordered by N. Broadway, N. Milwaukee St., N. Water St. and E. Ogden Ave. RSC is refining its plans for that phase, which would include upscale apartments, retail space and another hotel. The Park East Square lots are among 16 county-owned acres that became available for development when the Park East Freeway was demolished.
The committee also recommended the County Board pass a measure requiring development agreements for all Park East proposals be subject to board approval.
Currently, board approval is required only for the sale of the Park East lots, a process that includes a review of development plans for those parcels. The development agreements are the detailed contracts between developers and local governments that implement those development plans.
Supervisor Martina Dimitrijevic said mandating approval for the development agreement would ensure that construction in Park East follows county guidelines for minority hiring and other matters. She and other supporters said the new measure would not add a lot of additional time to the approval process.
Others, including Curto and Supervisor Joseph Rice, said the additional approval process could bring delays.
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