Northwestern Mutual offers to buy O'Donnell Park parking structure, pavilion buildings

Northwestern Mutual has plans for Milwaukee`s lakefront

MILWAUKEE (WITI) -- Northwestern Mutual announced a plan on Thursday, July 10th to purchase O’Donnell Park including the lakefront parking structure and pavilion buildings. The company would make considerable improvements to the parking structure and enhance the open space above.

Northwestern Mutual is building a $450 million landmark office tower across the street from O'Donnell Park -- so Sandy Botcher, the head of the campus development project for Northwestern Mutual says acquiring O'Donnell Park just makes sense.

"We`d love to have a beautiful, open space to match what we`re building across the street. There`s also a parking component as we look at our long-term needs and growth of jobs we hope to have in Milwaukee," Botcher said.

The company would buy the park at its current appraised value of $14 million and would receive a credit of $1.3 million reflecting a portion of needed maintenance on the parking structure.

Botcher says conducting needed repairs to the O’Donnell parking lot and enhancing the public space adjacent to the company’s $450 million downtown investment will benefit the company while enhancing the area for all residents. Botcher said Northwestern Mutual would continue to operate the facility as a public parking structure and keep all of the space on top of the structure open to the public.

An analysis of the parking structure commissioned by Northwestern Mutual in 2012 identified more than $6.5 million of near-term repairs needed in the facility.

"The process from here will be for the county to figure out in terms of when and how it will be put on the agenda for open conversation and for the supervisors to weigh in with their opinions," Botcher said.

CLICK HERE to view Northwestern Mutual's planned vision for Milwaukee's lakefront.

Milwaukee County Executive Chris Abele issued the following statement on Thursday:

"Milwaukee County Executive Chris Abele says he is excited about the opportunity of partnering with Northwestern Mutual in a potential sale of the O’Donnell Parking Garage. Staff from across the County has been working with Northwestern Mutual for more than a year on finding a deal that works for everyone.

Under the proposal, Northwestern Mutual will purchase O’Donnell Parking Garage for $12.7 million. The County will use the money to pay off existing debt on the facility and the remaining $5 million will be used to improve parks across the County. Northwestern Mutual has also agreed to immediately improve the aging parking structure and look at adding more green spaces, modernizing parking equipment, and adding zipcars and bike share options in the future.

Northwestern Mutual will also keep the parking garage open to the public seven days a week and O’Donnell Park remains a public park.

“It’s not often enough we get to announce such positive news. Not only will this sale allow us to continue to improve our beautiful parks, it’s also a great partnership with a company that has made a strong commitment to our community,” County Executive Abele said. “I look forward to addressing any questions from the community and finalizing a deal that benefits the community.”

The proposed sale would also return the parking garage to the public tax rolls, which means that not only the County but also other local taxing authorities including the City of Milwaukee, Milwaukee Public Schools and the Milwaukee Area Technical College would benefit over time from the increased tax base.

The County Board is expected to hold hearings on the plan this month."

Milwaukee County Board Chairwoman Marina Dimitrijevic issued the following statement:

"Milwaukee County residents love our parks and want economic development. The Administration's informational report regarding the proposal to sell the O'Donnell Parking Structure has been referred to the Parks and Economic Development committees.

We are the branch of government closest to the people and we will take up this proposal in an open, transparent conversation with the community before any action is taken. I encourage residents to attend hearings, speak with your Supervisors and bring your questions to the table."