Volume 2 - Issue 32 - Circulation 3,500 Week of 08.06.09 to 08.13.09
Always Online at WisconsinDevelopment.com

Wisconsin - AUG 12, 2009 - Wisconsin existing-home sales were down 10.5 percent in the second quarter of 2009 compared to the same period last year, while the median sale price fell 9.9 percent to $146,000, according to a report issued Wednesday by the Wisconsin Realtors Association. In Dane County, the number of homes sales dropped 10.7 percent compared to the second quarter of 2008, from 1,837 to 1,640. The county’s median sales price was $202,200, down 6.3 percent from the $215,900 posted from April through June a year ago...

Wisconsin - This publication and partner FutureWisconsin.com have developed a Project tracking system for Wisconsin. Major projects are tracked from proposal to ribbon cutting using news articles, community actions, and comments to update the status of projects as they develop...

Ken Notes: This system depends on users input and feed back. It is based on Web 2.0 technologies that allows end user participation. I could also use some press in mainstream media. So take a look at the project beta and call me on my new Google Number at (608) 616-0224 - preferably on a slow news day.

Madison - 08/13/2009 - Some fear Mayor Dave Cieslewicz's plan for a model green Northeast Neighborhood is too car-dependent, lacking concrete provisions for transit from the start. The 2,800-acre neighborhood is being designed with the goal of reducing energy and having 25% of all trips taken by residents by foot, bike or mass transit. But the city's Long Range Transportation Planning Committee wants a plan for getting transit to the neighborhood early on....

Ken Notes: I remain a fan of this project but hope transit is addressed. Could be an opportunity to test next generation buses. I like this product from Mercedes-Benz found HERE. Way cool. Could someone forward this to chuck Kamp thanks...

Madison Area - 8/09/2009 - Developers of big residential projects have recognized Madison's growing glut of condos. The past year has featured plenty of new apartments in the city and a handful of large homes, but not a single new condominium project. "For the first time in a decade, there were no condo permits pulled in Madison," said Sheridan Glen, a First Weber agent who's still trying to fill a 33-unit condo building he represents that was completed on the Near East Side last September....

Ken Notes: Lets hope that in time we can graduate the apartment dwellers into condo owners.

Madison - AUG 12, 2009 - Flex Biomedical, a Boston company developing treatments and diagnostic products for orthopedic diseases, says it has raised nearly $1 million and is moving to Madison. Wisconsin Investment Partners, of Madison; the NEW Capital Fund, of Appleton; and the Marquette Golden Angels, of Milwaukee, led the $985,000 financing round, which also included a $150,000 Technology Venture Fund loan from the state of Wisconsin....

Ken Notes: I am very happy they chose Wisconsin but have to point out that at this time they are bringing three employees. That's $333,000 each. I believe in addition to bio and tech, we may need to look at supporting more job intensive markets like manufacturing, health care, consumable production...

Madison Area - AUG 12, 2009 - Foreclosure filings in Dane County in July were up 77 percent from a year ago, which is a record, according to a report by DaneCountyMarket.com, a Web site that tracks the local real estate market. The foreclosure data on the site is based on information from the Wisconsin Circuit Court system. The county’s 161 new foreclosures in July were up from 91 last year. The previous high was the 154 new filings recorded in January....

Ken Notes: We are a little behind the national curve here, so Madison may also follow the nation on the recovery front as well.

Madison - Aug. 12, 2009 - A Madison-based development firm that ran into financial trouble beginning three years ago is being liquidated under Chapter 7 bankruptcy. Professional Realty and Development Corp., operated by architect Robert Niebauer, reported no assets, and liabilities of just under $14 million—all of it unsecured. That’s according to documents filed with the U.S. Bankruptcy Court, in Madison....

Ken Notes: This is too bad - the Angelus Retirement Community properties are very nice and had nothing to do with the other projects that sank the ship.

WASHINGTON - 8/11/2009 - After a disappointing performance in 2008, the state’s retirement accounts are tilting back up. Retirement funds managed by the state Investment Board totaled $63.3 billion as of June 30, a 2 percent increase over the Dec. 31 close of $61.8 billion, according to preliminary results. But they are 13 percent higher than the March 31 total of $56 billion, shortly after the U.S. stock market hit its low point....

Ken Notes: Let's all agree not to tell the legislature - because I can hear it now, "But the retirement funds we just sitting there."

WISCONSIN - This is a comprehensive data base of all business professionals in development, planning, government, commercial real estate, architecture, construction, and service providers to business. Any professional may enter his or her own business card for free. FutureWisconsin is Wisconsin's own social networking data base to promote new business in the state...

Ken Notes: Network with professionals doing business in the state...

Madison - August 7, 2009 - The developer proposing an expansion of the Edgewater Hotel is asking for a $16.8 million city investment for a broad terrace overlooking Lake Mendota and other public features of the project. Robert Dunn, president of Hammes Co., is seeking tax incremental financing (TIF) for the $109 million redevelopment, which would restore the landmark hotel, place a 36,000-square-foot landscaped public terrace atop a 1973 addition, add a grand staircase to the waterfront and include an 11-story hotel at the north end of the property. The TIF amount sought is among the most ever in Madison and, if granted, would be the second-highest amount awarded....

Ken Notes: It should be noted that this request is very much in line with other TIF participation in the area. This is a huge project thus the large request but percentage wise well in line with other projects.

WASHINGTON - 8/13/2009 - The Federal Reserve delivered a vote of confidence in the economy Wednesday, saying it would slow the pace of an emergency rescue program and indicating the recession appears to be ending. The central bank also held interest rates steady at record lows, with a closely watched bank lending rate near zero, and again pledged to keep them there for "an extended period" to nurture an anticipated recovery....

Ken Notes: I remain worried that as we exit this downturn there will be winners and losers as companies downsize and budgets remain tight. Phase two will then be the efforts to reemploy, insure, house and feed those who are still struggling.

WASHINGTON - 8/11/2009 - Despite signs that the financial system has stabilized, banks remain threatened by billions of dollars of bad loans on their balance sheets, and more could fail if the economy worsens, a congressional watchdog reports. In its latest assessment of the $700 billion financial system bailout, the Congressional Oversight Panel warns that banks still hold many risky loans of uncertain value...

Ken Notes: There will be winners and losers on the development and business front as well. I am also wondering if we realize that banks don't print money, so investors and the fed will see phase two losses as well.

WASHINGTON - 8/07/2009 - Employers sharply scaled back layoffs in July, and the unemployment rate dipped for the first time in 15 months, sending a strong signal that the worst recession since World War II is finally ending. A net total of 247,000 jobs were lost last month, the fewest in a year. That compares with 443,000 jobs that disappeared in June. And the unemployment rate for July declined to 9.4 percent from 9.5 percent in June....

Ken Notes: A little semantics here, are we calling a loss of 247 thousand jobs a good thing?

Wisconsin - August 9, 2009 - According to the Wisconsin Department of Revenue, nine of 11 industry sectors in Wisconsin were posting year-over-year job losses through May. The DOR's Quarterly Economic Outlook forecasts continued losses in these sectors through the end of the year. Only two sectors, Education and Health Services (2.5 percent) and Government (1.2 percent) show projected gains for 2009. A slow recovery is expected to begin in 2010. However, continued job losses are forecast in six sectors through 2010...

Ken Notes: Government is growing - and health care because we are stressed by the growing government...

Recent commercial property listings from PropertyDrive.

Wisconsin - More than $336 million in federal stimulus money has been allocated to counties, cities, towns and villages in Wisconsin. Of that total, about $124 million has been allocated through the state Department of Transportation for road, bridge and transit projects. And more than $48 million in Housing and Urban Development funds has been allocated...

Ken Notes: Great Resource

CHICAGO - August 12, 2009 - When it comes to real estate, are we at the bottom yet? That seems to be the question many people are still asking. The short answer is no. In the turbulent economic times we're in today, something you should understand is that many (if not all) of the TV economists and business reporters on the cable business channels aren't the experts their commercials make them out to be. Both the residential and commercial real estate markets have sustained a downward spiral longer than what most of the experts ever predicted....

The seller of real estate is required to file a Real Estate Transfer Return (RETR) with the County Register of Deeds when recording deeds of property conveyances. State statutes require those returns to be filed electronically beginning July 1, 2009. Below is a link to the electronically filed Real Estate Transfer data as of July 1st 2009 and forward. The data will be updated on a weekly basis...

Ken Notes: This link is a regular feature of WDN...

Treasury Department Debt to the Penny Link
CNN Money Scorecard
Government Recovery Website
Wisconsin State Budget Google News

Create a vibrant, innovative and prosperous entrepreneurial business climate, nurturing, connecting and celebrating entrepreneurs and their companies...

Ken Notes: A valuable resource worth visiting for all businesses in the state. A special thanks for BizStarts for compiling and sharing the resource!...

Mason City IOWA - August 10, 2009 - Frank Lloyd Wright enthusiasts are claiming victory in their effort to restore the architect's last standing hotel, a northern Iowa landmark that has fallen apart over the past few decades. The Park Inn Hotel in Mason City, designed by Wright and completed in 1910, has been used as a hotel, apartments and even a strip club. It fell further into neglect while city officials searched unsuccessfully for a way to maintain the historic structure. Now, a private group has taken over the effort...

Madison - August 11, 2009 - In outlining the specific standards that needed to be met before city officials might approve the massive redevelopment of the Edgewater Hotel, The Capital Times argued: "The key is to frame the discussion appropriately so that it is fair to all the players -- the developer, people looking for construction and tourism jobs, the neighbors, and the taxpayers who might be asked to aid the project with TIF (tax incremental financing)."...

Ken Notes: I believe the developers will welcome the public access aspect of the project. Integrating a project like this into the community is key to success. For example we frequent restaurants on State Street yet rarely think of heading into a hotel restaurant even though they are great!

Wisconsin - This section allows you to access any of our current space needs and acquire some brief detail regarding each. You'll notice that in addition to posting our current RFPs and RFIS, we are listing other significant needs for which we are seeking space....

Ken Notes: Brokers should check this often...

WASHINGTON - August 13, 2009 - The number of U.S. households on the verge of losing their homes rose 7 percent from June to July, as the escalating foreclosure crisis continued to outpace government efforts to limit the damage. Foreclosure filings were up 32 percent from the same month last year, RealtyTrac Inc. said Thursday. More than 360,000 households, or one in every 355 homes, received a foreclosure-related notice...

Middleton - 8/6/2009 - Most citizens speaking out about a proposal to pave sections of a trail in Pheasant Branch Conservancy are voicing misgivings about the idea, saying it could harm wildlife and diminish the enjoyment of the preserve's current human users. But there is little solidarity on the issue amongst wildlife and conservancy lands experts. Consultants brought forward by city public lands manager Penni Klein have said, in front of elected officials and in writing, that they favor installing a strip of porous asphalt along the north and west segments of the Pheasant Branch Trail. The pavement would be part of a larger initiative designed to make the conservancy more accessible to bicyclists, eventually turning it into part of a much larger commuter trail network. ...

Belleville - 8/8/2009 - The Village of Belleville Lake Committee and its consultants overviewed open house comments for the proposed lake restoration project during Thursdays' meeting. Fifty-nine attendees signed in and many others visited the July 28th open house. Concerns raised were water levels and canoe access after berm construction, dredging in the North Channel and creation of a lake/river connection....

Verona - 8/12/2009 - Three years of work to make an area along Highway 69 developable are expected to get some sort of resolution this week. Some city officials are pessimistic about Verona's urban service area (USA) application on what it calls the "southwest area," which would be the likely site of a large Dean Health Systems clinic, a residential subdivision and some other industrial and commercial uses. It was scheduled for a Thursday hearing before the Capital Area Regional Planning Commission, which essentially approves requests for USA, or sewer service, extensions....

Fitchburg - 8/7/2009 - It didn't take long for the City Council to support the recommendation to retain a Minnesota firm to be construction manager for the city's new library. When the council met July 28, Steve and Diane Streck spoke in support of reconsidering the recommendation and instead retain a Fitchburg firm, Tri-North Builders....

Oregon - 8/13/2009 - Supporters and users of the Oregon Community Sports Arena are planning to celebrate the ice skating facility's first year in Oregon. And they say it's been a good year for hockey in Oregon. "It's just been an absolute blessing," Oregon High School hockey coach Tony Renlund said of the ice rink. "There have been a ton of kids involved almost daily at the rink, and it's been an outstanding year."...

Milwaukee - August 13, 2009 - I reported last week that the Milwaukee Board of Habor Commissioners was not expected to act on the former Pieces of Eight site at its Thursday meeting. I just spoke with Tom Luljak, of University of Wisconsin-Milwaukee. He said UWM officials are still assembling the detailed information on the university's proposal to build the School of Freshwater Sciences at the lakefront site...

Ken Notes: This project is "Tracked at ProjectTracker.

Waukesha - Aug. 7, 2009 - The 125-unit The Landing Condominiums, in Waukesha, is facing a foreclosure suit filed this week in Waukesha County Circuit Court. The suit was filed this week by JP Morgan Chase Bank, and named The Landing Condominiums of Waukesha I LLC as the defendant, according to online court records. Other defendants include the condo association, and Chicago-based Puritan Finance Corp...

Eau Claire - AUG 12, 2009 - A justice center to meet Eau Claire County's needs for the next 15 years would cost $104.3 million, according to an estimate presented Wednesday afternoon to a county committee. Construction Manager Jerry Shea of Market and Johnson gave the estimate based off a "typical justice center" with courts, law enforcement, a jail and related offices, using square footage based off of prior county space needs studies....

Fox Cities - AUGUST 12, 2009 - The economic recession seems to be having little effect on entrepreneurship in the Fox Cities, some experts say "I attribute this to optimism despite the economy," said Amy Pietsch, director of Fox Valley Technical College's Venture Center. "I believe in the uncertainty principal, that the best innovations come out of times of prolonged uncertainty."...

Grafton - AUG 12, 2009 - United Financial Services Inc. (UFS) will stay in Grafton by building a new headquarters in the Grafton Business Park. Economic Development for Grafton Enhancement (EDGE) president Todd Luft announced that the firm will move to the new site, rather than leave the village. This is great news for Grafton...

Milwaukee - AUG 12, 2009 - City of Milwaukee officials hope to attract water technology businesses to a proposed business park that would be built on the vacant 17-acre Reed Street Yards site, located just south of the downtown area. Officials are proposing a $6.5 million tax incremental financing (TIF) district to create the business park on the Reed Street Yards, which is bounded roughly by South Sixth Street, South Third Street, the Menomonee River Canal and West Florida Street. The Reed Street Yards is a brownfield with poor subsoil conditions and contamination....

Oconomowoc - Aug. 11, 2009 - The state Commerce Department, after intervention by Commerce Secretary Richard Leinenkugel, has given Hans Weissgerber Jr. and his Golden Mast Inn on Okauchee Lake the all-clear on compliance with the state building code. State inspectors had cited the Golden Mast in 2006 for more than a dozen safety violations, including having a sprinkler system that wasn't connected to water. All but one - installation of an elevator to accommodate people with disabilities - eventually were resolved...

Pleasant Prairie - Aug. 11, 2009 - A supply chain management firm based in suburban Nashville plans to lease two buildings, totaling around 290,000 square feet, at LakeView Corporate Park, in Pleasant Prairie. Ozburn-Hessey Logistics LLC, based in Brentwood, Tenn., is leasing a 51,540-square-foot building, at 8330 107th St., from Towne Lakeville LLC, an investors group formed by Milwaukee-based Towne Investments. The company's operations were approved Monday by the village Plan Commission....

Milwaukee County - Aug. 11, 2009 - An arbitrator has ruled that condominium and apartment developer New Land Enterprises should pay a Milwaukee law firm nearly $500,000 in unpaid attorney's fees, and court costs. New Land is challenging the arbitrator's ruling...

Milwaukee - Aug. 11, 2009 - Milwaukee's Social Development Commission will get $3.3 million from the state in federal stimulus money for foreclosure counseling, earned income tax credit assistance, and business, job and neighborhood development, Gov. Jim Doyle announced Tuesday. It's part of a total package of $12 million through the American Recovery and Reinvestment Act that will be distributed throughout the state, Doyle said....

South Milwaukee - Aug. 13, 2009 - Thanks to support from shoppers and vendors, the new South Milwaukee Downtown Market has been extended five weeks beyond its original run, organizers announced Wednesday night. Shoppers and vendors have spoken loud and clear -- they love the market and want to see it extended into the fall," said South Milwaukee Downtown Market Chairman Bob Pfeiffer. "The market has truly exceeded our expectations. Just four weeks after we launched, we're already one of the area's largest, and we continue to grow."...

Aug. 13, 2009 - The former Bob Tolkan Buick Pontiac GMC car dealership, which closed in June, could be replaced by a Chrysler dealership from Griffin’s Hub Chrysler Jeep Dodge, in Menomonee Falls. That's according to Ald. Terry Witkowski, whose south side district includes the 4.75-acre property, at, 5700 S. 27th St. ...

Milwaukee - Aug. 10, 2009 - Chicago-based Mercy Housing Lakefront, which has been recently developing lower income apartments in Milwaukee, has purchased a south side building that will be the new home for a local foundation that helps organize the annual Mexican Fiesta at Maier Festival Park. Mercy bought the former warehouse, 2977 S. 20th St., for $307,000 from Milwaukee Public Schools, according to broker RFP Commercial Inc...

- AUG 12, 2009 - The seventh annual BizTimes Milwaukee Commercial Real Estate & Development Conference, to be held on Nov. 12 at Potawatomi Bingo Casino, will feature a panel discussion with some of the most renowned commercial real estate experts in the nation. The theme for this year's conference will be, "What Now?" ...

A single source for all economic development news for Greater Madison and beyond. Wisconsin Development News, (WDN) is published weekly by Ken Harwood.

Available to commercial brokers, developers, financial professionals, community planners, public officials, the press and others who have expressed an interest in Wisconsin development. All stories should link to their original source in the original context. These pages may contain advertising, and I encourage patronage of both our sponsors and the related advertisers and publications I link too.

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Ken

Kenneth Harwood
WisconsinDevelopment.com LLC
P.O. Box 930234
Verona, WI 53593-0234
608.334.2174
ken@wisconsindevelopment.com