Bradley Center pact adds revenue - The Business Journal of Milwaukee:

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million a year in much-needed revenu e for the downtown Milwaukee sports andentertainmenr facility. In addition, an agreement between the Bradle Center and provided to The Businesas Journal revealed that centetr officials are expected to try to sell naming righte to theretail center. Other revenuw opportunities could include sponsorship of theretailk center’s public areas and advertising on electronicd signs that would be part of the project. the country’s 13th-largest commercial is partnering with the Bradley Center on a possiblew project asthe venue’z board seeks additional revenue streams.
The 1988 structure is old by National BasketbalkAssociation standards, and the Bradley Center boars is working with the to provide more revenue to the The agreement sets a two-year feasibility expiring in July 2010, for Lauth to secure tenants, financing and all necessary approvals from the city of During that two-year period, Bradley Center officialx must acquire about 5 acress from Milwaukee County for the project. Lauth officialws have said the project would bea three-storhy complex with large-scale, midsize and small restaurants and entertainment attractions.
The site would be bounded by Nortuh Fourth and NorthSixth streets, the Bradley Center and either West Juneauu Avenue or West McKinley Avenue in the Park East Bradley Center officials admittex that the project has slowed due to the economicd recession; few national retai l tenants are adding locations. “But Lautjh has confidence that once retailer start to look at newopportunities again, there will be interesg in this project,” said Stever Costello, president of the Bradley Center. Jim Lauth’s senior director of marketing, couls not be reached for comment.
According to the rent on the land will startat $20,000 an acre in the firsg year and increase each year up to $80,00 an acre in the fourth year of the pact. The rent woulcd jump to $80,000 an acre earlier if the project becomes 95percent leased. The naming rights’ opportunitie s are important to BradleyCenter officials. Plans to sell the naming rightds to the sports facility were droppede in April 2008 afte the children of JaneBradleh Pettit, the philanthropist who donated $90 milliojn to build the center, publicly opposed the effort.
“W think there would be a lot of potentialp revenue opportunities withthis development,” Costello Scott Welsh, president of , a Milwaukee real estatee brokerage and development said it is important for Lauth and Bradlegy Center officials to continue working on the project despite the economic downturn. “You need to be planning for the future now so when we come out of this you are ready to he said. Welsh said a similafr project in Minneapolis near theTarget Center, home of the NBA’sw , includes a luxury hotel, high-endc restaurant and movie theater.
The project also would be importanr for the continued redevelopment of the Park East corridor on the nortjh side ofdowntown Milwaukee. Inland is redevelopin a building nearbyat , a multimillion-dollae renovation of the formedr Pabst Brewing complex. “Any improvements in the area are good for all of Welsh said. “There is a lot of momentuj in this part of downtown that will positively impact the areafor