| Real Estate Firm Failed in Milwaukee |
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(HQP)Land Speculator, that's the term use by former Milwaukee Mayor John
Norquist to describe the chicago-based real estate firm CMC Heartland
Partners. It was known that over a decade now representatives of the
firm has been talking about their development plans for their sites in
the city of Milwaukee.
Their plan didn't materialize as Norquist and other then city
official's opposition was a good thing, CMC reportedly sold it's last
property in the Milwaukee zone las November and exited the market
without even developing a single project in the said city.
Larry
Adelson, president of CMC said "Things did not go the way we had hoped
in Milwaukee,". In the end, CMC sold all of it more than 300 acres of
Milwaukee-area property for almost $20 million.
Adelson
states that the most development potential they have are the Amtrak
station at West St. Paul and North Fourth Street and also Reed Street
Yards at South Third Street between West Oregon and West Pittsburgh
Streets. "We would have liked to accomplish more in Milwaukee, but had
a hard time working with the city," added Adelson.
A
lawsuit was filed by CMC Heartland to the City of Milwaukee Country
Court, the lawsuit was filed about 2 years ago, it'll begin in
February. CMC expects the city would pay more than estimated 3.6
million.
It is said that Norquist and his staff declined to
support CMC's retail and entertainment plan for the Menomonee Valley
area. Norquist said "We chose not to play along with their retail
fantasy," Norquist now is the president and chief executive officer of
Congress for the New Urbanism in Chicago.
Julie
Penman, a former commisioner of the Milwaukee Department of City
Development said that CMC HEartland has a lot of plans for Milwaukee,
but they have never even once forwarded a proposal that complied with
the city zoning regulations.
She
said that "CMC was a not a development company interested in working
with the city on something feasible," and added "It was a land
speculation company."
Norquist said that "The company didn't do anything illegal," and smartly added "We simply called them on their bluff."
pertaining to the call they made. Although
Milwaukee is apparently a failure CMC has 2 succeeded projetcs in
Chicago. They developed 20-acre Kenzei Station in downtown Chicago,
it's a $100 million project which has a 25 storey condominium and a
commercial building.
Goose ISland from northwest of
downtown Chicago was also turned into an industrial park that has more
than 500,000 square feet of manufacturing space, it'a also a sucess
project for CMC.By Jayron Magcale Real Estate Press | Miami Real Estate |
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