Milwaukee Bucks new co-owners Wes Edens and Marc Lasry are in negotiations to purchase the Journal Communications Inc. buildings with the intention of building a new arena on the downtown block of land known as Journal Square, according to a report by OnMilwaukee.com, a media partner of BizTimes.
The new report cited several sources within the Milwaukee Department of City Development and the local commercial real estate community.
The deal is not complete, but sources familiar with the negotiations said the Bucks ownership group has architectural renderings of an arena that fits within the Journal Square at 333 W. State St., a site that sits between Third and Fourth streets to the east and west, and State Street and Kilbourn Avenue from the north to south.
A source indicated this is the ownership group’s preferred location for a new arena.
At this week’s announcement of the Bucks’ move of its business offices to Schlitz Park, Lasry said he knows the preferred site of the new arena, but will not announce it for another 30 to 60 days.
The historic building at 333 W. State, built in 1924, still houses the staff of the Milwaukee Journal Sentinel, which would need a new work space. The former Sentinel building at 918 N. 4th St. is vacant. The paper’s printing facilities are in West Milwaukee.
In July, it was announced that Journal Communications is merging with the E.W. Scripps Co., based in Cincinnati. With the proposed merger, which is expected to close sometime in 2015, the broadcast and print properties would be separated, with the Journal Sentinel becoming the flagship paper of the new print company.
Substantial portions of the Journal Sentinel campus, including the former press room, have been vacant for years.
As for the Journal Square site, city and real estate sources say one version of arena layout includes setting the arena bowl below street level, similar to some of the arena concepts for the Sacramento Kings.
For the complete report, visit www.onmilwaukee.com.
