Andrew Weiland Happy New Year! As the new year begins, here are the top stories that we will be watching closely in 2024. Milwaukee hosts the RNC The 2024 Republican National Convention will be held in Milwaukee from July 15-18. This will be the first time that Milwaukee has hosted a
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Andrew Weiland[/caption]
Happy New Year! As the new year begins, here are the top stories that we will be watching closely in 2024.
Milwaukee hosts the RNC
The 2024 Republican National Convention will be held in Milwaukee from July 15-18. This will be the first time that Milwaukee has hosted a national political convention. Technically the city was the host of the 2020 Democratic National Convention, but that event was held virtually due to the COVID-19 pandemic. The 2024 RNC is expected to generate $250 million in economic impact and bring 45,000 visitors to the southeastern Wisconsin region, including politicians, delegates, lobbyists, dignitaries and members of the national and international media. In addition to the economic impact, the RNC will provide a huge opportunity for Milwaukee to leverage national and international media coverage of the RNC to improve its brand as a major city and a great place to live and visit. If the event is run smoothly in Milwaukee, it could help the city attract future conventions.
Baird Center expansion completion
The $456 million expansion of the downtown Milwaukee convention center, now known as the Baird Center, will be completed in 2023, in time for it to be used for the RNC. The Wisconsin Center District has a grand opening gala for the facility planned on May 16. The expansion is expected to help the WCD attract more meetings and conventions, not only providing more space for larger events but also for multiple events or allowing events to be set up or taken down simultaneously as other events are being held there. According to the Wisconsin Center District, the expanded Baird Center is projected to bring in 100,000 new out-of-state visitors to Milwaukee annually and support 2,300 full-time equivalent jobs throughout the state of Wisconsin. When construction is completed, the convention center will have a total of 1.3 million square feet, including 300,000 square feet of exhibition space, 24 new meeting rooms, 400 indoor parking spaces, and a rooftop ballroom with outdoor terraces.
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Rendering of the Baird Center[/caption]
Harley-Davidson’s Homecoming Festival becomes an annual event
The Harley-Davidson anniversary events, held every five years, have provided a huge boost to the Milwaukee area’s hospitality industry. VISIT Milwaukee estimated that the 120th anniversary event held in 2023 had a $95 million economic impact on the Milwaukee area. Going forward, the Harley Homecoming Festival will be an annual event in Milwaukee, scheduled to be held this year from July 25-28. It will be interesting to see how the annual event compares to the huge anniversary events that had been held in Milwaukee every five years. It will certainly add to Milwaukee’s already busy summer schedule, especially in 2024 which will also include the RNC on July 15-18.
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Motorcycles parked in front of the Harley-Davidson Museum during the 120th anniversary event in 2023.[/caption]
Construction completion for two downtown area apartment towers
Two apartment tower construction projects in the downtown area are expected to be complete, or at least substantially complete, with residents moving in during 2024. It has been a long time coming for The Couture project, the 44-story tower at 909 E. Michigan St., near the lakefront. First proposed in 2012 by Barrett Lo Visionary Development, construction finally began in 2021. The building will have 322 apartments and about 45,000 square feet of retail space. Meanwhile, construction is also expected to be complete or substantially complete this year on the 31-story apartment tower under construction at 333 N. Water St. in the Historic Third Ward, just south of downtown. The building, developed by Houston-based Hines, will have 333 apartments and 11,750 square feet of retail space.
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Several big projects trying to get off the ground
While construction work has progressed on the Baird Center expansion, The Couture and the Hines tower in the Third Ward, higher construction costs and higher interest rates have made it difficult for developers to get financing for major projects. Several big projects are planned in Milwaukee and we will be watching to see if they are able to move forward in 2024, including: FPC Live’s indoor concert venue planned next to Fiserv Forum, the soccer stadium planned at the Iron District development, an 11-story hotel planned on Brady Street, a 24-story apartment tower planned by New Land Enterprises on the East Side, a 25-story apartment tower planned at the Goll Mansion site on the East Side and a 32-story apartment tower planned along the Milwaukee River in downtown Milwaukee.
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Two huge civic projects to watch
Two major civic projects will bear watching in 2024. The Milwaukee Rep will rebuild its downtown Milwaukee theater complex. The $75 million project is more than 90% funded and construction is expected to start in May. Meanwhile, the Milwaukee Public Museum is also shooting for a spring groundbreaking for its $240 million project to build a new museum downtown. MPM president and CEO Ellen Censky recently said that an additional $35 million in private donations is needed to start construction. The museum has received commitments for $90 million in state and county funding for the project and plans to raise $150 million in private funds.
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Those are just some of the local business stories that ought to make 2024 another interesting year.
Andrew Weiland is the editor of BizTimes Milwaukee.
