managing partner, Earthbound Development LLC
Company: Earthbound Development LLC
Title: Managing partner
Education: Cardinal Stritch College
Family: Wife and business partner, Nancy J. Neumann; daughters, Leah, Katherine and Dana; and son, Eric.
City of Residence: Mequon
Hobbies and Interests: "Family vacations to interesting places (ski resorts, the Mexican Riviera, Central America and Europe); planting trees at our Michigan vacation home; traveling to visit our kids; ushering at church, making the world better through Rotary; reading; preparing for my second-degree black-belt in Tae Kwon Do; and, when time permits, detailing our cars."
What are you working on? "We have recently gotten a railroad right-of-way under contract. It is a fascinating parcel that is 2.8 miles in length and 100-foot wide. It was in place before the buildings adjacent to it were constructed and thus has stopped any potential development or expansion for 100-plus years along its path. We only needed the portion that is adjacent to our four parcels, but the seller was only willing to sell the portion that they could abandon, so we will have a few extra (20) acres to dispose of. This 100 feet of land will open the door of opportunity not only for us, but also for many of our new neighbors. The cities of Milwaukee and Glendale will also be able to finally get all of these acres on the tax rolls too."
How does the market look to you? "The portion of the real estate market that we have heavily invested in is very exciting and extremely interesting. The upside potential is tremendous. We have the social and economic opportunity to maximize the development potential of over 50 acres of vacant land that is currently zoned light industrial. We had the location, I-43 passing through the middle of our parcels with the traffic count of 124,000 vehicles per day, Port Washington Road on the east and Green Bay Avenue on the west, but some of our parcels had challenging access points and now the railroad right of way will change that. This will be a prime area for office and warehouse that is minutes from downtown and less than 1.5 miles from the Bayshore Town Center. We have a clean slate to create something that will be part of an economic catalyst for the area. I’m so proud to be a part of this, how could I be anything but optimistic?"
What was the best deal you’ve ever been involved in? "Aside from my marriage to Nancy 25 years ago, I can easily say it was the purchase of the former Becker Foods facility in Glendale. We had identified the property in fall of 2003 for a potential tenant, who at that time I was working for and had planned complete demolition of all 175,000 square feet and then constructing multiple build-to-suits. Due to the high levels of contamination and negotiations with the seller (Northwestern Mutual Life), it took us until fall of 2005 to close. Becker Foods still had a lease until 2009 so development would have to wait. A friend at MSI General introduced us to Endeavour Development who had a better tenant, the State of Wisconsin. Steve Becker was willing to terminate the lease in the fall of 2006. MSI was able to help us answer the state’s RFP by envisioning the adaptive reuse of three warehouses and the first floor of an office building to create 43,000 square feet of office space on one floor. Keeping 6 of the 17 buildings in place reduced demolition costs and provided an environmental cap at the same time. Glendale embraced this use and the governor signed a 10-year lease in February of 2007. Endeavour’s track record of success allowed a 100 percent financing package. Nancy and I sold the parcel to our new partnership, Beerline Crossing, and now we are expanding our development careers with some of the best."
What was the funniest moment of your career? "Having officially starting my career in the summer of 2004, the only moment that comes to mind is finding out from Wisconsin & Southern Railroad Co. that the 2.8 miles of right of way that we are purchasing is called the Nutline. What came to mind was a scene from "One Flew Over The Coocoo’s Nest," and I hoped that the name was not a reflection of myself tackling this complex development."
