Several major developments to break ground in 2014

today's news

related articles

This should be a very active year for commercial real estate development in the Milwaukee area.

Irgens could break ground this year on a 17-story office building at 833 East Michigan St.

A huge new hotel will open in the Menomonee Valley. Northwestern Mutual will complete demolition of a 16-story office building and then begin construction of a 32-story office tower to replace it. Construction is expected to begin for The Corners retail development in the Town of Brookfield and for Drexel Town Square, which will create a mixed-use downtown in Oak Creek.

Northwestern Mutual will build a 32-story office tower at its corporate headquarters campus in downtown Milwaukee.

Construction is expected to begin in spring for The Corners, a retail and apartment development in the Town of Brookfield. It will be anchored by a Von Maur department store.

One of the most noteworthy developments that will be completed in the region during 2014 will be the 18-story, 381-room hotel at Potawatomi Bingo Casino, 1721 W. Canal St., Milwaukee. Construction of the hotel is expected to be complete this fall.

Since late 2012, the downtown Milwaukee hotel market added 422 rooms with the 205-room Marriott Hotel, the 127-room Hilton Garden Inn hotel and the 90-room Brewhouse Inn & Suites. Potawatomi leaders say the new hotel at the casino will attract new visitors to Milwaukee, but it will be interesting to see if the downtown hotel market will be able to absorb such a large increase in room supply.

So far the additional supply that has been added recently has not hurt the downtown Milwaukee hotel market. For the first 11 months of 2013 the downtown hotel market had an occupancy rate of 67.4 percent, up from 67.2 percent for the first 11 months of 2012, and up from 66.5 percent for the first 11 months of 2011, according to Smith Travel Research Inc. Average daily rate, and revenue per available room (RevPar) were also up in the first 11 months of 2013.

Visit link:
Several major developments to break ground in 2014