The Italian Community Center recently selected a division of Marcus Investments LLC to do a feasibility study for the potential redevelopment of the ICC’s 15-acre property in the Historic Third Ward. The site includes the ICC building and its large parking lots to the south of the building, known as the Coachyards.
Marcus Investments, a Milwaukee-based investment firm formed by the Marcus family, formed Coachyards Development LLC for the project.
“We pursued this opportunity because this is a supreme piece of real estate and a tremendous opportunity to create something new and exciting in downtown Milwaukee,” said David Marcus, president of Marcus Investments.
The ICC selected the Marcus-led team from four finalists. The Marcus team will conduct a six-month study to explore development opportunities for the Coachyards site and will assess interest among retailers.
“At this point, we envision a mixed-use development that is an extension of the very unique and special Third Ward neighborhood,” said Dave Spano, president of the ICC and president of Brookfield-based Annex Wealth Management LLC. “The project could potentially include parking, retail, restaurants, residential and hospitality. It would fill the gap between the neighborhood and Summerfest, add to the tax base and provide an exciting new addition to Milwaukee’s downtown, Third Ward living and dining experience.”
Coachyards Development is working with Rainier Properties II LLC, led by developer Bruce Westling, to conduct the study. Westling, also the president of NAI MLG Commercial, is leading the leasing efforts for Marcus Corp.’s The Corners developement in the Town of Brookfield.
“Bruce is out in the national marketplace talking with numerous retail and restaurant chains every day,” Marcus said. “So, it makes sense to piggyback on that effort to assess potential interest in the ICC development.”
The study team also includes the Engberg Anderson architectural firm, Greenfire Management Services, AECOM and Gilbane Construction Company. However, their expertise cannot be used until after the initial feasibility period.
BizTimes Milwaukee Real Estate Weekly first reported in June that the ICC issued a request of interest (RFI) seeking proposals for planning and development services to create a development plan for the Coachyards site.