Low-Interest Milwaukee Development Corporation Loan Paves Way for Acquisition
BMO Harris Bradley Center and the Milwaukee Development Corporation (MDC) today announced that they have partnered to enable the Center to purchase the Milwaukee Area Technical College (MATC) property at the southwest corner of 4th St. and Juneau Ave.
Under terms of the agreement approved Tuesday evening by the MATC Board, the BMO Harris Bradley Center will purchase the half-acre property with funds from a low interest loan provided by the MDC.
Steve Costello, President and CEO of the Bradley Center Sports and Entertainment Corporation, said the Center’s plan is to work with City officials to continue the existing 30-car parking operation on the northern end of the site and begin planning to demolish the old MATC building on the southern end of the purchased property, which is adjacent to the BMO Harris Bradley Center.
“This is a good business move for the current BMO Harris Bradley Center and our operations,” Costello said. “The terms of the MDC loan are such that we can pay for it with revenues generated from the parking that already exists on the site.
“Our focus is on the here and now,” Costello added. “This purchase is good for the BMO Harris Bradley Center because it allows us to generate more revenue, increase our staging area for entertainment events and provide more parking for our guests. Most important, it gives the BMO Harris Bradley Center complete ownership of the property between 4th and 5th streets and State St. and Juneau Ave.”
Patrick O’Brien, President of the MDC, said that the low interest loan to the BMO Harris Bradley Center fits well with MDC’s mission of supporting catalytic community-based real estate development in the city and MDC’s leadership role in promoting broad-based economic growth initiatives throughout the greater Milwaukee region.
“Our job is to help retain, expand and attract new opportunities that drive economic
growth for the region, and assisting the BMO Harris Bradley Center with its purchase of this
property helps us further our mission. We are pleased we could step in and help facilitate this
important transaction,” O’Brien added.
He noted that maintaining a strong and vibrant BMO Harris Bradley Center is key to a
Costello said that regardless of where talks end up about the potential for a new
Downtown, multi-purpose entertainment facility, having control of the property around the
BMO Harris Bradley Center is critical for the future.
“We are pleased to work with the MDC on this important effort,” Costello added. “This
move helps us extend the life of our building and maintain the BMO Harris Bradley Center as the crown jewel of the Downtown Milwaukee entertainment area.”