Madison developer hints at plans for ’50-story-plus’ tower at Marcus Center parking structure site

By Hunter Turpin

Feb 2, 2024 4:34 pm

Marcus PG aerial cropped — The Marcus Performing Arts Center parking structure at 1001 N. Water St. in downtown Milwaukee.

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Milwaukee could have a new tallest residential tower in the pipeline — but it’s a long way out. The chief executive officer of Madison-based development firm The Neutral Project teased plans for a “50-story-plus mass timber building” in an article published Thursday in the Madison publication “Isthmus”. The tower would be built on the site

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Milwaukee could have a new tallest residential tower in the pipeline — but it's a long way out. The chief executive officer of Madison-based development firm The Neutral Project teased plans for a "50-story-plus mass timber building" in an article published Thursday in the Madison publication "Isthmus". The tower would be built on the site of the Marcus Performing Arts Center parking garage, located northwest of Water and State streets in downtown Milwaukee, for which the city issued a request for development proposals in September. Representatives from The Neutral Project did not immediately respond Friday to a request for comment on the proposal, but CEO Nate Helbach confirmed to BizTimes in January that the firm had submitted plans for the site's RFP. The Neutral Project is the firm behind the proposed 32-story mass timber building The Edison, which would be built north of State Street between the Milwaukee River and Edison Street in downtown Milwaukee. The project could break ground this spring, developers said in November. The firm is seeking around $40 million in equity for that project, which would have 381 apartment units over retail space, according to its website. Founded in 2020, The Neutral Project's mission is to construct carbon neutral buildings and make lasting impact on the communities it develops in. The firm is currently building a 14-story, 206-unit mass timber apartment building development in Madison called Bakers Place. In January of 2023, JLL Capital Markets announced that it had arranged the $73.8 million construction financing for Bakers Place. The proposed "50-story-plus" tower at Marcus Center for the Performing Arts parking structure site would be built just east of The Edison site. [caption id="attachment_579218" align="aligncenter" width="720"]

Rendering of The Edison. Rendering from The Neutral Project[/caption] The city’s new downtown plan calls for the Marcus Performing Arts Center parking structure to be replaced with a new high-density, mixed-use development. “An aggressive mixed-use development” with ground floor public activation, which includes a mix of uses, is ideal at this site, the RFP for the site states. Ground floor uses for the site could include restaurants, art galleries or cultural/civic uses. Upper floors could be used for residential, hotel, office or cultural/civic uses, the RFP states. In January, the City of Milwaukee Department of City Development (DCD) told BizTimes that it had received three proposals by the RFP deadline and that there would not be public updates until March or April. Representatives from DCD declined to comment Friday. If the city chooses to move forward with The Neutral Project's concept and the "50-story-plus" tower is kept in the plans, the building would be the new tallest residential tower in Milwaukee. The 46-story Couture apartment tower, which will be completed this summer, is set to become the city's tallest residential tower at 516 feet.