BizConnections VOLUME 28, NUMBER 6 | JUN 20, 2022
GLANCE AT YESTERYEAR
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Greenwood Brothers drug store in the 1890s This 1890s Milwaukee Journal photo shows four men standing in front of the Greenwood Brothers drug store at what is now the northeast corner of North 12th and West State streets. By the late 1950s, the building was home to a number of other businesses, including OlsenScott Pharmacy, Doc’s Camera and Coin Mart, State Resale Shops, Consolidated Hat Works, as well as apartments. Today, the property is part of the Aurora Sinai Medical Center campus. — Photo courtesy Milwaukee Public Library/Historic Photo Collection
COMMENTARY
Brewers should consider development near ballpark IT’S INTERESTING TO SEE Milwaukee County Board Supervisor Peter Burgelis call for the district that oversees American Family Field to work with the city of Milwaukee and village of West Milwaukee to study the idea of creating a mixed-use entertainment district on 82 acres of surface parking lots east of the stadium. The idea clearly caught the Milwaukee Brewers by surprise as Burgelis had not discussed it with them. But for a lot of reasons, the timing is right to consider this idea, and it’s about time somebody starts pushing for this. Built in 2001, American Family Field was funded by a five-county sales tax instituted from 1996 to 2020. During that time, the tax collected about $605 million to pay for the stadium’s construction and operations. The Brewers have spent more than $100 million on upgrades to the stadium. But now the team has commissioned a study of future needed improvements. The stadium district 36 / BizTimes Milwaukee JUNE 20, 2022
has $87 million in a reserve fund for future projects, but needed stadium improvements will likely exceed that at some point. Eventually the Brewers could seek more tax money for the stadium. The Brewers’ lease runs through 2030 and the team has two five-year options to extend it to 2040. It wouldn’t be surprising if negotiations to extend the lease further include a request from the Brewers for more tax money to pay for improvements needed at the stadium, which will only increase as the facility ages. The value of the Brewers has increased exponentially since a group led by Mark Attanasio bought the team in 2005 for about $223 million. Forbes estimates the Brewers are now worth $1.28 billion. Considering that astonishing return on the ownership group’s investment, why do taxpayers need to provide more money for the stadium? If the Brewers are seeking public money to upgrade the stadium, they are going to have to consider developing some of the land around it, which could generate new property tax revenue that could be used to fund stadium improvements. Several professional sports teams have developed the land around their stadiums or arenas to generate additional revenues, including
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the Atlanta Braves with The Battery Atlanta, the Bucks with the Deer District and the Packers with Titletown District. The Brewers could create a significant development district on parking lots between the Stadium Freeway and the Menomonee River and would still have a massive amount of parking for fans on game days. That development could also complement plans to redevelop Komatsu’s 45-acre site northeast of Brewers Boulevard and National Avenue, which will be vacated by the company as it makes its move to Milwaukee’s Harbor District. WisDOT is working on plans to rebuild the Stadium Interchange, which could include changes to the Stadium Freeway that would help connect a development district east of American Family Field to its surroundings. For all of these reasons, the Brewers need to give this idea some serious thought. n
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