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

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million a year in much-needed revenue for the downtown Milwaukee sports andentertainment facility. In an agreement between the Bradley Center and provided to The Business Journa l revealed that center officials are expected to try to sell naming rightw to the retail Other revenue opportunities could include sponsorship of theretaio center’s public areas and advertising on electronicf signs that would be part of the Lauth, the country’s 13th-largest commercial developer, is partnering with the Bradley Cented on a possible project as the venue’s board seekse additional revenue streams.
The 1988 structures is old by National Basketball Association and the Bradley Center board is workint with the to provide more revenue to the The agreement setsa two-year feasibilituy period, expiring in July for Lauth to secure tenants, financing and all necessaryt approvals from the city of During that two-year period, Bradley Center officials must acquirw about 5 acres from Milwaukee County for the Lauth officials have said the project would be a three-story comple with large-scale, midsize and small restaurants and entertainment attractions.
The site wouled be bounded by North Fourth and NorthSixth streets, the Bradle y Center and either West Juneau Avenue or West McKinle Avenue in the Park East corridor. Bradley Center officials admitteed that the project has slowedr due to theeconomic recession; few national retail tenants are addinhg locations. “But Lauth has confidence that once retailerxs start to look at newopportunities again, there will be interesy in this project,” said Steve president of the Bradley Center. Jim Smith, Lauth’w senior director of marketing, could not be reachefd for comment.
According to the agreement, rent on the land will startg at $20,000 an acre in the first year and increasee each year upto $80,00p0 an acre in the fourtj year of the pact. The rent woulds jump to $80,000 an acre earlier if the project becomes 95perceny leased. The naming rights’ opportunities are important to BradleyCentefr officials. Plans to sell the naming rights to the sportsd facility were dropped in April 2008 after the childrejn of JaneBradley Pettit, the philanthropist who donated $90 milliob to build the center, publicly opposedc the effort. “We think there woulcd be a lot of potential revenue opportunities with this Costello said.
Scott Welsh, presidenr of , a Milwaukee real estated brokerage anddevelopment firm, said it is important for Lautjh and Bradley Center officials to continue working on the project despite the economix downturn. “You need to be planning for the futur now so when we come out of this you are read yto go,” he said. Welsh said a similard project in Minneapolis near the Target home ofthe NBA’s , includes a luxurt hotel, high-end restaurant and movie theater. The project also wouldc be important for the continued redevelopmenr of the Park East corridor on the north side ofdowntownb Milwaukee.
Inland is redeveloping a buildint nearbyat , a multimillion-dollar renovationn of the former Pabst Brewing “Any improvements in the area are good for all of Welsh said. “There is a lot of momentum in this part of downtown that will positivelg impact the areafor years.”