Milwaukee County Executive Chris Abele signed a deal to allow the Milwaukee Bucks to purchase land for their new arena Wednesday.
Gov. Scott Walker signed the bill approving the Bucks arena in August. After getting approval from the county executive and city controller, the owners of the team can officially purchase land for the arena, according to Milwaukee County Executive’s Office spokesperson, Nate Holton.
The Bucks owners are paying one dollar to buy the nearly 10-acre area located in the Park East corridor of downtown Milwaukee, Holton said.
Holton said although the price may be surprising to some, the costs after purchase add up to $8.8 million.
The new landowners will be tied to removing lingering sewage lines and previous freeway structures, as well as dealing with potential environmental liability associated with the land, he said.
According to Holton, the land had been vacant for 13 years and lost its value throughout that time.
According to the Milwaukee Business Journal, Milhaus Development of Indianapolis and WiRED Properties also competed for the Park East land.
Holton said when deciding whom to award the property, the county had to also consider the value each buyer presented to the community, not only the purchasing price. The Bucks arena, he said, will create 3,700 new jobs, 1,000 of which would be permanent, and the county would receive millions of dollars in property taxes.
Holton said the arena will likely spark activity in the surrounding area. He anticipates neighborhoods around the new arena will build hotels, apartments and retail space and increase more property values.
Holton said he hopes the arena will also hopefully bring together a heavily segregated city.
“It’s rare to have something that is capable [of] bringing everybody together,” Holton said. “The Bucks are something that can keep everybody together, and we’re happy to have the opportunities to continue to have that here in Milwaukee.”
