For the past several months, developer Afshin Ghazi has been quietly refining plans for a large mixed-use proposal that would have a significant impact in Downtown Milwaukee. The previously-unnamed development has been now been aptly named "The Catalyst" as the project would give a boost to W. Wisconsin Avenue, between N. 4th and N. 5th Streets--directly across the street from the convention center and the Shops of Grand Avenue mall.
^ This rendering shows an overview of the Catalyst development, looking over the rooftop of the Midwest Airlines Center in the foreground. The 31-story tower would include 200 condominiums and upscale apartments, rooftop terraces, and street level restaurants/retail. The shorter building would include a hotel with approximately 170 rooms, as well as street level restaurants/retail. Parking would be included using a combination of a new garage incorporated into the buildings, plus the purchase of an existing garage next door to the south.
^ This courtyard between the two buildings opens out onto W. Wisconsin Avenue, Downtown's "Main Street."
These latest renderings have improved quite a bit since the preliminary designs were released
earlier this year.
So far, the street level spaces have attracted interest from six potential tenants based in the restaurant/nightclub/entertainment-oriented business, although Ghazi is not releasing specific names at this time. He has said, however, that they are similar to some of the tenants in other developments he's worked on around the country (Fox Sports Grill, Lucky Strike upscale bowling, etc.). The letters of intent he has received will have to be converted into signed leases. Ghazi is also in the process of negotiating with Noble Investment Group to operate the hotel.
Furthermore, Ghazi is in discussions with the department of City Development regarding possible financial assistance. Also, in the coming months Ghazi will be working towards closing the deals on purchasing the City-owned land ((which is being offered for one dollar) and the privately-owned adjacent parking structure (the price of which has not been disclosed) to get the Catalyst off the ground. And perhaps the biggest challenge to overcome will be getting enough pre-sales on the residential units in a slowing housing market--though Ghazi says he's confident that will happen. He hopes the project could break ground in the spring of 2008.
Some more info in the
Journal Sentinel article:
Project could get quick start -31-story complex planned for Wisconsin Ave.
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