Front Page arrow Health arrow Real Estate Firm Failed in Milwaukee
Tuesday, 06 January 2009
 
 
Real Estate Firm Failed in Milwaukee Print E-mail
(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
Next >
 
Top! Top!