Centennial Place
2007Year Acquired |
SoldStatus |
Environmental cleanup and complex financing leads to Milwaukee Business Journal’s “Best Retail Development” of 2008
Centennial Place is the complete demolition and redevelopment of a closed 45-acre General Electric plant into approximately 400,000 sf of mixed-use project including national big-boxes, small shops, government offices and an industrial use.
The 700,000 sf GE plant became obsolete, closed in 1991, and sat vacant for 14 years. GE was not motivated to sell due to significant environmental contamination and the perceived liability associated with cleanup and ownership transfer.
General Capital, with partner Boulder Venture, convinced GE to sell by offering a complete environmental indemnification. This was accomplished via insurance from Zurich and AIG, and a guaranteed clean-up contract with publicly traded Arcadis. Financing included TIF, New Markets tax credits and a brownfield grant. The site was demolished, remediated, graded and rebuilt, with retailers Pick ‘n Save and Menards, in less than 15 months.
This complex project converted a blighted site into a productive asset yielding hundreds of jobs and $25+ million to the village’s tax base.
KEY THEMES
- Neighborhood retail development provides convenient commercial space serving the West Milwaukee community
- Strategic location along the Miller Park Way corridor offers strong visibility and accessibility within a major retail destination
- Flexible retail space accommodates a variety of neighborhood-serving commercial and service-oriented businesses
- Long-term ownership reflects General Capital's commitment to proactive commercial asset management and portfolio growth
- Well-positioned retail property contributes to the continued vitality of the surrounding commercial corridor
RESULTS
- Successfully developed a 2,500 SF neighborhood retail property serving the West Milwaukee market
- Established a commercial asset within the highly traveled Miller Park Way retail corridor
- Created flexible retail space designed to support a variety of local businesses and neighborhood services
- Maintained the property as part of General Capital's long-term commercial real estate portfolio
- Continues to support local economic activity through quality neighborhood retail space
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