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Development News for the week 3/28/09-4/3/09

Metro Innovation Center provides incubator for University of Wisconsin-Madison entrepreneurs

A landmark Near East Side factory building has come back to life as a high-tech business incubator aimed at brewing the big ideas of University of Wisconsin-Madison students and faculty. A landmark Near East Side factory building has come back to life as a high-tech business incubator aimed at brewing the big ideas of University of Wisconsin-Madison students and faculty. The Metro Innovation Center is open for business — a sleek set of 10 suites equipped with the latest voice and data technology as well as two conference rooms and a small kitchen.

Johnson Bank to occupy part of building in American Center

Johnson Bank will open a new East Side office early next year on the first floor of a building in the American Center. Developer Terrence Wall said the $4 million, three-story building at 5201 E. Terrace Drive will be completed by the end of the year. The bank will occupy about 15,000 square feet on the first floor of the 45,000-square-foot building. Horizon Development and Construction will occupy the third floor, moving its offices from Verona. Wall said the second floor remains available.

Meriter to open Downtown clinic in Capitol West

Meriter Hospital will open a clinic this fall in the Capitol West development in Downtown Madison, the hospital announced Wednesday. The clinic, staffed by internal medicine physicians, will provide lab and medical imaging services and minor surgical procedures, a Meriter news release said. Capitol West, at 345 W. Washington Ave., includes condominiums, townhomes, retail space and plans for a hotel. It will be Meriter’s third free-standing clinic. The hospital opened a clinic in Middleton in 2004 and one in southwest Madison, off of McKee Road, last year

VILLAGER MALL PROJECT OFFICIALLY UNDER WAY

Construction for the Villager Mall redevelopment project officially began Friday with the groundbreaking of the mall's atrium and a building that will be shared by several Madison organizations.  The Villager Mall, 2200 S. Park Street, will be home to the new Urban League Center for Economic Development & Workforce Training in what is now a parking lot in front of the mall.

Council backs local funding for bio-agriculture business incubator

The potential to capitalize on a growing industry during a down economy led the Madison City Council to vote 15-4 on Tuesday in favor of providing $2.6 million for for a bio-agriculture business incubator on the city's southeast side. The commitment to local funding is part of the city's application for an additional $4.5 million in federal funds from the U.S. Economic Development Administration, which requires a minimum 25 percent local match for the grant. The project, called the Midwest BioLink Commercialization and Business Center, will be a 31,000-square-foot facility providing office and greenhouse space as well as additional testing fields for start-up companies specializing in biosciences.

Public to weigh in on arts incubator (with video and timeline)

It was December 2003 when Mayor Dave Cieslewicz first floated the idea of redeveloping the Garver Feed Mill. The building, nearly 100 years old at the time, had been purchased by the Olbrich Botanical Society in 1997 and used for garden storage since, but Cieslewicz had grander plans for the former sugar beet processing factory and granary.  "It's got so much history and it's such a beautiful building," he said. "It's a link to Madison's industrial past. I think a lot of people, when they think of Madison, don't think about the fact that the city has had some industry, particularly on the east side."

Can Common Wealth tackle two multimillion-dollar projects at once?

Common Wealth Development's roots reach deep into the iconic east isthmus neighborhood it calls home. Williamson Street is dotted with Common Wealth Development's roots reach deep into the iconic east isthmus neighborhood it calls home. Williamson Street is dotted with properties whose renovation by the nonprofit development corporation helped transform the once-seedy area into the thriving district it is today.  Over the years, Common Wealth has worked toward building a "vibrant, diverse, engaged, inclusive and safe community," in the words of its mission statement. Its affordable housing and economic and community development programs are "synergistic," says executive director Marianne Morton, creating good housing, neighborhood jobs and community spaces that enhance each other and strengthen the neighborhood.

City Council changes TIF focus to creating jobs

The Madison City Council approved changes to tax incremental financing rules Tuesday night that shift the program's focus from housing development to promoting job-creation. Under the new rules, luxury housing, speculative office development, development that only relocates an office within the city and student housing will be ineligible for TIF financing.

15 PROPERTIES, UP OR DOWN?

At the State Journal's request, Madison real estate agent Dan Miller searched real estate listings for all Dane County multi-family properties that sold twice in the past decade - once in 2008 and one time prior to that - and found 15 that did. Of those 15, seven sold for an increase in 2008 but eight sold for a loss, with a "fair number" of those listed as foreclosures, he said.

ABOUT THE MLS

Real estate agent Dan Miller's figures for this story are based on Dane County data drawn from the South Central Wisconsin MLS, which stands for Multiple Listing Service and includes most of the properties for sale in the region. The database is a clearinghouse for all property listings handled by members of the Wisconsin Realtors Association, which includes more than 90 percent of Realtors.  The MLS does not include for-sale by owner (FSBO) properties, or those being sold by owners without the involvement of Realtors. Historically, FSBO properties have made up between 6 percent and 20 percent of total listings, said agent Paul Anderson.

REAL ESTATE A TOUGH BUSINESS WITH WINNERS AND LOSERS

Because getting a good price on a real estate purchase often requires someone else getting less than they could, you might think real estate agents and investors would be uniformly hard-boiled about it.  But some people have more trouble than others making peace with making a killing - especially as it increasingly involves mortgage foreclosures in a housing market going more upside-down every day, first for single-family homes and now, to some extent, for multi-family properties.

State headlines: Multi-family housing prices decline in Dane County

Falling prices for rental properties in Dane County could make now the best time in the past decade to invest in multi-family housing, according to real estate agents and property investors.

REAL ESTATE MULTI-TASKING INVESTORS FIND A RARE BRIGHT SPOT IN THE RECESSION WITH THE DECLINE OF MULTI-FAMILY HOUSING PRICES

Falling prices for rental properties in Dane County could make now the best time to invest in multi-family housing in the past decade, according to real estate agents and property investors. “There are definitely a lot of motivated sellers right now," said Dan Miller, an agent with Keller Williams Realty who tracks real estate listings on DaneCountyMarket.com. "Buyers can get a very good price, and they have a lot more alternatives."

Former Berbee executives buy back part of company, form Singlewire Software

Four former executives of Berbee Information Networks have bought back part of the Fitchburg company from CDW and formed their own business, Singlewire Software, also based in Fitchburg. Terms of the deal were not... Four former executives of Berbee Information Networks have bought back part of the Fitchburg company from CDW and formed their own business, Singlewire Software, also based in Fitchburg.

$4 MILION IN STIMULUS FOR TAXIWAY

The state is granting $4 million in federal stimulus money to Dane County to build a taxiway at the Dane County Regional Airport, Gov. Jim Doyle announced Monday. The taxiway will allow planes and ground vehicles to maneuver more easily without blocking the existing runways. That will reduce the risk of collision and allow planes to take off and land more quickly. Business and cargo planes, commercial airliners and Wisconsin Air National Guard jets would all benefit from the improvement.

SENTRY CO-OWNER THRIVES ON COMPETITION TIM METCALFE BELIEVES TOUGH TIMES MAKE HIM A BETTER RETAILER.

Tim Metcalfe, co-owner of Metcalfe Sentry Foods at Hilldale Shopping Center, started in the grocery business at age 14 at his father's Monona store.  After spending a year at Western Michigan University in Kalamazoo, he returned to the family grocery business for a couple of years before landing a job with SuperAmerica, where he spent 12 years and became a zone manager, supervising about 200 stores in Wisconsin, Illinois and Michigan.

Madison's office vacancy rate rises; it's a tenant's market

If your company is looking for a change of scenery, you may be in luck: There are plenty of empty offices in the Madison area just If your company is looking for a change of scenery, you may be in luck: There are plenty of empty offices in the Madison area just waiting to be occupied. But if you are a developer or a commercial property landlord, that’s anything but good news. The office vacancy rate ended 2008 at 15.7 percent, the highest it has been since at least 2000, and it could climb as high as 17 percent in 2009, according to a report by Grubb & Ellis/Oakbrook, a Madison property management firm.

Sub-Zero/Wolf to cut 36 salaried jobs

More job cuts are in the works at Sub-Zero Freezer/Wolf Appliance. The Madison company, which makes high-end refrigerators, freezers and cooking appliances, has told the state it will be eliminating 36 salaried positions. Management and administrative staff at Sub-Zero/Wolf operations in Madison, Fitchburg and Phoenix will all be affected, said Chuck Verri, vice president of human resources, but he did not say how many jobs will be lost at each location. The "continuing dip in housing and remodeling" and the lack of consumer confidence are responsible for the company’s decisions to scale back operations.

Verona manufacturer Engineering Industries Inc. lays off 40

Verona plastics company Engineering Industries Inc. laid off nearly 40 workers on Wednesday because of what company leaders called a "dramatic and unexpected drop" in customer orders... The 40 workers compose the injection molding company’s second- and third-shift production staff, president Dean C. VandeBerg told the state Department of Workforce Development in a letter this week. The company does custom molding of small plastic parts used in appliances, power tools, electronics and the dairy industry for a variety of Midwestern companies, including GE HealthCare and Cardinal Health. About 46 employees remain on first shift, VandeBerg told the Wisconsin State Journal on Thursday, stressing the cutbacks are expected to be short-term.

Update: GE Healthcare confirms another round of local layoffs

Though short on details, GE Healthcare officials on Thursday confirmed another round of worker layoffs in the Madison area. It was the second such action taken by the company since the beginning of the year.  Though short on details, GE Healthcare officials on Thursday confirmed another round of worker layoffs in the Madison area. It was the second such action taken by the company since the beginning of the year. Corporate spokesman Arvind Gopalratnam said the layoffs involved fewer than 50 people at the company’s Ohmeda plant in Madison, but he would not reveal an exact number.

Maysteel to close Columbus plant

Menomonee Falls-based Maysteel will close its Columbus plant at 100 Continental Drive on or before July 31, affecting 89 workers. The metal-fabricating company informed the state Department of Workforce Development about the decision, noting the Columbus operations would be "permanently closed." Maysteel may offer 20 to 24 employees the chance to transfer to the company’s other facilities in Wisconsin, company official Thomas G. Funk said. The state will work with the South Central Wisconsin Workforce Development Board to provide services to affected workers.

WPL BUYS RIGHTS FOR WIND FARM

Wisconsin Power & Light has bought the land and development rights for the Bent Tree Wind Farm from Wind Capital Group, a St. Louis-based wind energy developer with an office in Madison. Terms of the deal were not disclosed.  Wind Capital worked out agreements with land owners for the right to use their property near Albert Lea, in southeast Minnesota. It will be up to WPL to build the wind farm if the Wisconsin Public Service Commission and the Minnesota Public Utilities Commission approve.

SPACE NEEDS ARE DIRE FOR MIDDLETON AREA SCHOOLS

It wasn't long ago that Money Magazine rated Middleton the No. 1 small city in the United States. Our community took great pride in this award. Middleton offers much to its citizens. But the biggest factor in determining these statistics is the quality of the schools we share with Cross Plains and the surrounding area.

CHARTER ENTERS BANKRUPTCY UNDER MOUNTAIN OF DEBT

Charter Communications on Friday filed for a prearranged Chapter 11 bankruptcy to get relief from its creditors.  The nation's fourth-largest cable operator, which is based in St. Louis and has significant operations in Wisconsin, seeks to emerge from bankruptcy as early as the end of summer and doesn't plan on selling any assets to its competitors.  

Around the State and Points Elsewhere
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Staybridge Suites construction may resume this month

Construction on a 14-story mixed use building at the southeast corner of Water Street and Juneau Avenue in downtown Milwaukee, which has been halted for weeks, is expected to resume later this month, according to Lisa Aldrich , general manager of the Staybridge Suites hotel that will anchor the building.  The projected opening for the hotel has been pushed back to late July, Aldrich said.

Hunzinger to build new HQ for ESI

Brookfield-based Hunzinger Construction Co. plans to build a 34,000-square-foot building on Gateway Road in the Gateway West Commerce Center in Brookfield for Environmental Systems Inc. ESI will move its headquarters to the building from a 15,000-square-foot building at W223 N603 Saratoga Dr. in the City of Pewaukee.  ESI will lease most of the building from Hunzinger with an option to purchase sometime in the future. ESI designs and supports building management systems. One of the company's major competitors is Glendale-based Johnson Controls Inc.

Common Council approves MORE ordinance

The Milwaukee Common Council last week adopted an ordinance that requires developers that receive $1 million or more in city assistance, typically tax incremental financing, to pay workers "prevailing wages." Prevailing wages are determined by surveys done by the state. In addition, the ordinance requires developers receiving more than $1 million in city assistance to have 40 percent of worker hours performed by unemployed or low income city residents.

Wis. plan would build labs, support Bradley Center

Construction of The Bradley Center recommendation came as the commission approved Doyle's two-year, $1.4 billion spending plan for state buildings. It includes $484 million in state-supported borrowing, or about a 5 percent increase over the previous two years.  Doyle's office estimated the projects, including several major new research laboratories and university buildings in Madison and Milwaukee, would create 30,000 jobs.

'Johnny V' of Mo's establishments faces foreclosure suit

Milwaukee restaurant operator John Vassallo, owner of Mo's Irish Pub and other eateries with the "Mo" name, has defaulted on loans totaling just more than $5 million, and is facing foreclosure suit on two downtown buildings.  Chicago-based Harris Bank says Vassallo's investors group, Mostreet LLC, borrowed $2.7 million in 2005, and an identical amount in 2008. Those loans were made by Lincoln State Bank, which Harris bought last year.

Some positive retail news

The ICSC said sales were up 1.1% from the previous week. That's the best week-over-week report since January. Compared to the same week last year, however, sales were off a bit.

Derailed stimulus projects could be back on track

Two weeks after putting three economic stimulus projects on hold, a Southeastern Wisconsin Regional Planning Commission committee is signaling it will allow the road and bridge work to proceed. The Legislature's Joint Finance Committee approved 49 road and bridge projects worth $42.4 million on March 17. But two days later, the SEWRPC committee refused to approve three projects in Milwaukee, Washington and Waukesha counties worth $7.5 million, saying it wanted to see what other projects could be funded before signing off on them.

Marquette University's pleas for engineering center funds rejected

Marquette University 's request for $10 million in state funds for the first phase of a new engineering center was rejected by the Wisconsin Building Commission.  Granting one such request might open the floodgates to similar requests from other private colleges and universities, officials warned. The commission approved two other Milwaukee projects - $240 million in improvements for the University of Wisconsin-Milwaukee over the next six years and $5 million over the next 10 years to help maintain the Bradley Center. The votes sent both Milwaukee projects to the full Legislature, which must approve them this summer.

Falls hotel project might resume this spring

Development of a 135-room hotel in Menomonee Falls, which ran into delays because it was unable to obtain a construction loan, could resume this spring, the developer says.  Madison-based Professional Hospitality LLC hopes to soon complete a financing package for the project, said Derek Kritzer, general counsel. The hotel is planned for W14776 Main St., just west of Highway 45.

Realtors: City Hall should take over Park East land

The Commercial Association of Realtors Wisconsin has endorsed Milwaukee County Executive Scott Walker's proposal to sell county-owned parcels in the Park East area to the City of Milwaukee. “The City has the tools, resources and expertise to work directly with potential developers and investors, as well as the County, to ensure the best and most effective use of the property,” said Jim Villa, group president, in a statement.  “Eliminating a layer of governmental jurisdiction and placing the responsibility for progress solely in the hands of one entity is the best plan of action to make sure we see shovels in the ground in the foreseeable future,” Villa said.

New Hyatt Place hotels now open

A pair of AmeriSuites Hotels in Milwaukee are now operating under the Hyatt Place name after being extensively remodeled. The Hyatt Place Milwaukee Airport, with 99 rooms, is at 200 W. Grange Ave., and the 121-room Hyatt Place Milwaukee West is at 11777 W. Silver Spring Drive. Both are operated by SCI Real Estate.They're the area's first Hyatt Place hotels, a mid-scale full-service hotel brand developed by Chicago-based Hyatt Corp. 

Esser Paint property on north side to be redeveloped

The former Esser Paint property, at W. Galena and N. 32nd streets, is the newest redevelopment target within Milwaukee's N. 30th St. industrial corridor. The Common Council last week approved plans to assume ownership of the building and lots, which are entering property tax foreclosure. The building will be demolished, and the entire 3-acre parcel will be set aside for future development--most likely housing.

City drafts rules for sick leave mandate

The City of Milwaukee has released its draft rules for implementation of the city's sick leave mandate, the public is encourage to comment on them.
To review the rules, click here. A public comment period on these rules begins today and will extend through April 24. Two public hearings will be held on the draft rules. The first hearing will be held Wednesday, April 8, at 6 p.m. at the Milwaukee Department of Public Works Office, 3815 N. 35th St. The second hearing will be held on April 22 at a time and location yet to be determined.

Future of Moor Downs Golf Course questioned

Moor Downs, the venerable golf course with ties to Waukesha's historic springs era, posted a $186,000 loss last year, prompting county officials Wednesday to wonder aloud if the links should be closed to stop the flow of red ink.

Wisconsin Rapids plant to create 400 new jobs

Mayor Mary Jo Carson said Energy Composites Corp. plans to begin construction on the 350,000 square foot plant as soon as this spring. She said the new factory will produce blades for wind turbines. Carson said Energy Composites is the parent company of Advanced Fiberglass, which has a plant already operating in Wisconsin Rapids.

Pleasant Prairie factory to close by September 30

Permacel, which manufactures industrial tape, is to close by Sept. 30, putting some 100 employees out of work.  Company officials said the shutdown was dictated by a declining market for the product, near record losses in 2008 and the global economic crunch.   Employees at the site, 7201 108th St., are to receive a minimum of 13 weeks of severance pay, with the benefit increasing with more years of service, said J. Michael Prairie Jr., company legal counsel.

Kohler Co. cutting 455 jobs

Kohler Co. is laying off 455 employees in Sheboygan County as the maker of toilets, faucets and other kitchen and bathroom fixtures faces a continued slump in new home construction and a decline in consumer spending.

New task force to tackle state foreclosure issue

The task force will hold public hearings around the state to hear from people affected by the foreclosure crisis, but they were not yet scheduled on Monday. They will meet several times to discuss best practices and come up with recommendations to forward to the Legislature.  The number of residents missing house payments — which often foreshadows foreclosure — is on the rise, he said. The number of property owners who missed two or more house payments was about 35,000 in 2008, Nelson said, up from about 10,000 in 2005. So far this year, about 5,700 have missed at least two payments, he said.

Johnson Controls' plant closures won't include Milwaukee

Johnson Controls Inc. announced Friday that its restructuring in the second quarter will result in the company closing 10 plants and eliminating an unspecified number of jobs, but the company's Milwaukee area operations will likely be spared from the cutbacks.  The Glendale company is reacting to the recession, which has been particularly brutal to the automotive and commercial real estate sectors, which comprise the bulk of Johnson Controls' markets.

Marinette Marine Corp. awarded a U.S. Navy contract

The ship will be built in Marinette, where the nation's first LSC, the USS Freedom, also was built. "The Freedom class LCS is the most affordable surface combatant in the current shipbuilding plan in the last four decades - only six years from concept to the fleet, half the time," said Dan Schultz, vice president and general manager of Lockheed Martin's Integrated Defense Technologies business. "The Lockheed Martin team is committed to the U.S. Navy's LCS program and we are ready to begin work on the next ship. LCS fills a critical need in the Navy's vision for building its transformational fleet and we are pleased to continue our partnership with the Navy on this revolutionary program."

Wausau Paper plans cuts

Wausau Paper is reducing its staff, closing a paper mill in Maine and eliminating its dividend to shareholders as part of a series of cost-cutting moves. President and chief executive Thomas Howatt blamed "the continuing uncertain business environment," in a written statement Tuesday. Steps include closing Wausau Paper’s remaining specialty products paper mill in Jay, Maine, by May 31, ending 96 jobs. The Mosinee Company also is eliminating 7 percent of its salaried work force, imposing both a hiring freeze and a pay freeze, authorizing up to $15 million in additional borrowing, and suspending its dividends. Elimination of the dividends alone will save more than $16 million a year, the company said

Jobless rate bolts to 8.5 percent, 663K jobs lost

The nation's unemployment rate jumped to 8.5 percent in March, the highest since late 1983, as a wide swath of employers eliminated 663,000 jobs. It's fresh evidence of the toll the recession has inflicted on America's workers, and economists say there's no relief in sight. If part-time and discouraged workers are factored in, the unemployment rate would have been 15.6 percent in March, the highest on records dating to 1994, according to Labor Department data released Friday.  The average work week in March dropped to 33.2 hours, a new record low. Since the recession began in December 2007, the economy has lost a net total of 5.1 million jobs, with almost two-thirds of the losses occurring in the last five months.

Development News for the week 3/21/09-3/27/09
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Construction contracts jump in February

Non-residential construction apparently is ready to bust out in metropolitan Madison. Construction research firm McGraw-Hill Construction said on Monday that February contracts for non-residential construction in the three-county metro area shot up 642 percent over February of 2008, with contracts totaling $134.9 million this year compared to $21.4 million last year.  Residential construction was also up 26 percent, with $26.4 million in new contracts February of 2009 compared to $20.9 million in February 2008.

Urban League plans groundbreaking for Center for Economic Development

The Urban League of Greater Madison will hold a groundbreaking ceremony Friday for its Center for Economic Development & Workforce Training. The event will be at 11 a.m. at the Villager Mall in the 2200 block of South Park Street , with a speech by Alfred Babington-Johnson, founder of The Stairstep Initiative Cos.  The Urban League’s $2.8 million center will focus on job training and skills development and will include an expanded version of the South Madison Public Library Branch. The Urban League still has $650,000 to raise toward its $4 million goal, which will pay for expanded program operations. If the final funds can be raised by Oct. 1, the League will receive a $380,000 grant from the Kresge Foundation.

After success in Madison, MyMenu expansion to include franchise

A successful Madison debut could be the launching pad for up to 659 MyMenu stores eventually within a 400-mile radius of Chicago.  The Canadian company opened five Madison area stores last summer in its first foray into the U.S. market. Despite the recession, Gary Decatur, president and chief operating officer of MyMenu and M&M Meats of Canada, said he’s pleased with the results.

Enter library plan No.3: Just renovate and save millions

It's possible -- at least on paper -- to renovate the 43-year-old Madison Central Library for millions less than it would cost to undertake either one of two plans to build a new one, a city library committee was told Wednesday.  The city’s library disposal committee asked architects to outline what a renovation could look like at the behest of City Council members, library officials and others who will make a final decision on whether to move forward with one of two plans, one by T. Wall Properties costing about $46.5 million and another by The Fiore Cos. that would remake the library’s entire block and would cost about $80 million.

Committee rejects payback extension for Alexander Co.

The city's financial committee rejected an initial proposal Monday night to extend The Alexander Company's 2007 agreement exchanging city aid for a promise to sell the majority of condominiums in its downtown Capitol West project.  If a compromise is not reached by June 15, the city has the option of forcing Capitol West to pay back either part or all of a $4.27 million tax subsidy.  The resolution, which was drafted by Ald. Mike Verveer, would have granted The Alexander Company a three-year extension on two deadlines for selling most of the units in Capitol West. In the 2007 agreement, The Alexander Company agreed to sell 71 of its 141 condominiums to owner-occupants by June 15, and an additional 53 by May 15, 2010, in exchange for $4.27 million in tax subsidies.

Minneapolis law firm to open Madison office

Four attorneys specializing in intellectual property cases have left the Michael Best & Friedrich law firm in Madison and joined Merchant & Gould, a Minneapolis law firm with offices in Atlanta, Denver, Omaha, Seattle, Washington D.C., and Knoxville, Tenn.  Attorneys Jeffrey S. Ward, Wendy M. Ward, Thomas P. Heneghan and Edward J. Pardon, who also is a physician, will open a Madison office of Merchant & Gould and will focus on the generic pharmaceutical industry. The local branch is expected to open in April or early May; no address is being announced yet

City budget panel recommends investment in project for BioAg Gateway

Madison 's budget committee voted Monday to recommend the city invest nearly more than $573,000 in property and about $1.5 million from a TIF district in a project for the emerging BioAg Gateway on the Southeast Side.  An additional $4.5 million in funding grants for the proposed 31,000-square-foot Midwest BioLink Commercial and Business Center would be provided by the U.S. Economic Development Administration, Ald. Satya Rhodes-Conway, 12th District, said. She added that new staff projections forecast markedly lower operating deficits which would allow the center to operate without a deficit within a few years of opening.

Madison, Marcus Corp. intensify talks on hotel to serve Monona Terrace

City officials are speeding up negotiations with a developer on a major hotel to serve Monona Terrace -- a controversial and costly proposal that would use the landmark Madison Municipal Building.  The hotel would be the centerpiece of a complicated redevelopment over two blocks that would add perhaps 320 hotel rooms, likely connect them to the convention center by skyway or tunnel, restore the Municipal Building, provide new parking facilities and deliver a separate mixed-use project with new city office space.

CITY IN TALKS TO LURE HOTEL ROOMS 'CRITICAL' FOR CONVENTIONS: SOME CHAFE AT PUBLIC SUBSIDY

City officials are speeding up negotiations with a developer on a major hotel to serve Monona Terrace - a controversial and costly proposal that would use the landmark Madison Municipal Building. The hotel would be the centerpiece of a complicated redevelopment over two blocks that would add perhaps 320 hotel rooms, likely connect them to the convention center by skyway or tunnel, restore the Municipal Building, provide new parking facilities and deliver a separate mixed-use project with new city office space.

'SUSTAINABLE' NEIGHBORHOOD STANDARDS GET TOUGHER

The energy saving goals for Madison's first planned green neighborhood are getting a little bit greener.  Mayor Dave Cieslewicz has proposed a "sustainable" neighborhood for some 2,500 undeveloped acres northeast of Interstate 94 and Interstate 39/90/94 on the city's far northeast side.

NEW WEB SITE DETAILS CITY STIMULUS FUNDS

When the federal stimulus money starts flowing, Madison officials want you to know how the money will be spent.  Mayor Dave Cieslewicz launched a new city Web site Monday that highlights how the city will spend millions of dollars it expects to get under President Obama's $790 billion American Reinvestment and Recovery Act.

TRYING TO SLOW FARMLAND LOSS GOVERNOR SEEKS BROADER PROTECTION AGAINST DEVELOPMENT DOYLE'S BUDGET: AGRICULTURAL LAND PRESERVATION

In perhaps the biggest initiative to protect Wisconsin's farmland in three decades, Gov. Jim Doyle's proposed budget would try to prevent cornfields from being gobbled up by strip malls and subdivisions.  The proposal would redirect tens of millions of dollars in existing state incentives to keep farms from being sold for development and would prod local governments and counties to set up their own plans for preserving lands.

M&I, ANCHOR MAY BENEFIT THE MOST

The federal bank rescue plan unveiled Monday could get some bad assets off the books of Wisconsin banks. Larger banks, such as M&I Marshall & Ilsley Bank of Milwaukee and AnchorBank of Madison, both plagued over the past year with problem commercial real estate loans, may benefit more than smaller banks.

ATC FACES POWER LINE CRITICS MANY ALREADY HAVE REGISTERED OPPOSITION TO ALL OR PARTS OF THE PLAN FOR A TRANSMISSION LINE FROM MIDDLETON TO ROCKDALE.

Expect plenty of high-voltage testimony as the state Public Service Commission holds public hearings Tuesday and Wednesday on American Transmission Co.'s plan to build a transmission line across Dane County, from west of Middleton to the Rockdale area.  Two main routes have been proposed for the 345-kilovolt line: One primarily follows the Beltline, while the other runs through more rural parts of southern and western Dane County.

Middleton company to lay off 51

The slumping economy continues to hurt Wisconsin with companies in Middleton and Brookfield announcing job cuts and layoffs this week.  LDS Test and measurement is stopping operations and eliminating 51 jobs at its facility at 8551 Research Way, Middleton, a notice from the president of the Massachusetts-based company on Friday says. LDS expects to start eliminating jobs on May 20 and close on Sept. 30, the notice says. The action is expected to be permanent.

Engineering Industries of Verona laying off about 40

Verona injection molding company Engineering Industries is putting about 40 employees out of work because of a drop in orders.  Engineering Industries Inc. announced the layoffs in a letter sent on Monday to the Wisconsin Department of Workforce Development.  The layoffs started Wednesday, on the second and third shifts at the plant, and some adjustments might also happen on the first shift.

Around the State and Points Elsewhere
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Gathering signs of economic hope

With regard to the economy, we believe there are faint signs of light at the end of the tunnel. Real consumer spending increased by 0.4 percent in January (and is likely to be revised up) and the decline in February nominal retail sales of 0.1 percent suggests that the decline in real consumer spending that month will not be severe.

Jobless claims set new record

For a 10th straight week, the number of people who are continuing to claim jobless benefits increased, fresh evidence that the labor market remains weak despite other hopeful signs that the recession may have bottomed out. New claims for unemployment benefits last week rose to a seasonally adjusted 652,000 from the previous week's revised figure of 644,000, the Labor Department said Thursday. The total number of people claiming benefits jumped to 5.56 million, worse than economists' projections of 5.48 million, a ninth straight record and the highest total on records dating back to 1967.

Unemployment rises across state; Beloit highest at 16.9 percent

Unemployment worsened in February in every Wisconsin city surveyed, the state Department of Workforce Development reported Wednesday.  Twelve of the 31 municipalities for which the state collects statistics had double-digit jobless rates, led by Beloit, with 16.9 percent of its labor force out of a job — or about one of every six workers. That’s up from 15.2 percent in January and is more than twice the 8.1 percent unemployment rate Beloit had in February 2008

Downtown condos to get rehab

The Highbridge Condominium Association is planning an exterior rehabilitation project to eliminate persistent leaking problems in the building at 1888 N. Water St. near downtown Milwaukee. Read more in the latest edition of the BizTimes Real Estate Weekly bulletin.

Hartford acquires more land for development

The Hartford Area Development Corp. (HADC) is continuing to invest in the city's future by purchasing a 40-acre tract of land abutting the Dodge Industrial Park in Hartford.  The agency also plans to purchase at least 24 additional acres later this year.  the HADC freed up funds to acquire the 40-acre parcel By selling the Innovation Center to long time tenant Key Logo Inc. last December.

City planning redevelopment effort for Port of Milwaukee area

City officials are in the early stages of planning a redevelopment project for the area near the Port of Milwaukee. City officials are in the early stages of planning a redevelopment project for the area near the Port of Milwaukee.  The first step of the redevelopment project is to indentify the boundaries of the redevelopment project area. The proposed boundaries are, roughly, South 1st Street, the lake cut, the lakefront south of the Hoan Bridge and Bay Street.  The city first must establish the boundaries for the redevelopment project before the Redevelopment Authority can exercise its statutory powers to acquire and rehabilitation properties in the area.

Cardinal Stritch's expansion plans hit snag

The Journal Sentinel's Tom Kertscher reports on the snags in Cardinal  Stritch University's big expansion plans for St. Francis.  Meanwhile, Cardinal Stritch's plans to move its College of Education and Leadership to the former Pabst brewery are still proceeding.  College spokeswoman Joanne Williams said Thursday that the operation will move to the 24,000-square-foot building in May, and begin offering classes this fall.

A&W plans big expansion in state

A&W Restaurants, an iconic name in American food, plans to open 12 state-of-the-art restaurants in Milwaukee by the end of 2010. Doug Heinrich, the company's director of development strategy, is expected to announce the expansion plans at the International Council of Shopping Centers' Wisconsin Idea Exchange & Alliance Program, scheduled to be held next week in Milwaukee.  "We have been steadily growing in Wisconsin starting around Green Bay, and will continue our expansion south," Heinrich said. "We have a loyal following of A&W consumers and fans. We want to meet that growing demand for our brand."

Senior housing developers get boost from M & I

Some senior housing developments require large entrance fees that the new residents typically generate by selling their homes. The housing market downturn has gummed up that process. So, a firm that does elderly housing loans through Milwaukee-based Marshall & Isley Corp. is creating a home equity line of credit for people needing cash for entrance fees.  Washington, D.C.-based ElderLife Financial LLC's program allows seniors to enter elderly housing developments, and then pay off the line of credit once their home is sold, according to a report from Rober W. Baird & Co.

Common Council passes prevailing wage proposal

Some developers getting city financial assistance will be required to pay higher wages to construction workers and hire an increased number of Milwaukee residents under a proposal narrowly approved Wednesday by the Common Council. Supporters said the wage and hiring standards will ensure that Milwaukee taxpayers who help finance commercial developments will get a fair share of the construction jobs those projects create. They also said the ordinance, which will be signed by Mayor Tom Barrett, will ensure family-supporting wages and health insurance for people hired to build offices, hotels, condominiums and other developments.

Housing Authority plans upgrades with federal money

The Milwaukee Housing Authority plans to use the $10.5 million that it will get through the American Recovery and Reinvestment Act to modernize the Lapham Park high-rise and to improve and upgrade some of its other projects, Tony Perez, housing authority director said Wednesday. According to a news release from U.S. Rep. Gwen Moore, D-Milwaukee, the $10 million is part of nearly $3 billion from the recovery act that will go to public housing authorities to make improvements and to create jobs nationwide.   Perez said the money is welcome and needed by the housing authority.

Steinhafels to open three small mattress stores

Waukesha-based Steinhafels is taking over the former WG&R shops at 2751 N. Mayfair Road, in Wauwatosa; 5000 S. 76 St., in Greenfield; and in the Wal-Mart shopping center at Hwy. 83 and I-94 in Delafield. Steinhafels aims to open the stores in May, but the Delafield location is pending municipal approval, president Gary Steinhafel said.

Senior apartments to be built in May

Jewish Family Services will build a 66-unit apartment complex in Brown Deer for residents 60 and older.  The Brown Deer Village Board on March 16 unanimously approved a plan for the construction of Deerwood Crossing, which will be built on a formerly village-owned parcel at Bradley Road, Teutonia Avenue and Sherman Boulevard.

City delays razing Iceport until it claims ownership

Once city officials have the deed in hand, they will likely seek bids from wrecking companies to raze the rusted skeletal beams of the never-finished Powerade Iceport structure.

User-friendly: New hospital wing designed with patients in mind

Brenda Sulock has come to know Children's Hospital of Wisconsin inside and out over the past 20 years, during which time she has taken in more than 275 foster children. It is parents like Sulock who played a large role in what children see in the new west wing at Children's Hospital.

Pabst Farms developer Developers Diversified Realty falls out of S&P 500

Developers Diversified Realty (DDR) is being replaced in the S&P 500 stock index effective at the close of stock trading Friday, Standard & Poor's said in a statement. Ohio-based DDR is the developer of the Pabst Farms Town Centre retail development in Oconomowoc.  DDR had a market capitalization below $325 million as of Wednesday's close, making it 500th on the index.  Many index funds track the S&P 500, a broad market indicator, and fund managers are likely to sell company shares if it is removed from the index.  DDR is being replaced by Time Warner Cable Inc. ( TWC) in the index.  Time Warner Inc. is spinning off its remaining interest in Time Warner Cable to its shareholders.

Flooded foundry could become hospitable environment

The city of West Allis may recast a flooded-out iron foundry into something new, possibly a hotel, if it can apply federal funds tied to last June's heavy rains.  City officials don't know how much federal money they will receive when the state doles out flood funds, but one area they want to focus on, if and when they get money, is the vacant Milwaukee Gray Iron plant at 83rd and Orchard streets.  Indiana-based Metal Technologies shut down the iron foundry, which employed about 80 people, in March 2008.

Metro Market coming to Brookfield

Roundy's Supermarkets Inc. wants to turn its Pick 'n Save store in the Brownstones shopping center on W. Blue Mound Road in Brookfield into a Metro Market, according to a plan submitted to the city.  The proposal will be on the agenda for the April 6 Plan Commission meeting, said Dan Ertl, director of development for Brookfield. As part of the plan, the vacant former Hollywood Video store would be torn down to allow more parking.

V. Richards in Brookfield likely to close soon

The CVS proposal is on the agenda for the April 6 meeting of the Brookfield Plan Commission, according to Dan Ertl, director of community development for the city. CVS is proposing a pharmacy with a drive-up window for the space now occupied by the V. Richards grocery store in the shopping center at W. Blue Mound and N. Calhoun roads.  I haven't been able to reach V. Richards owner John Nehring this morning for a closing date for the store. But he has told me recently that the store was suffering from competition in the area and from the road work on both Calhoun and Blue Mound last summer.  

Waukesha County seeks U.S. funds for shared homeownership

Borrowing the concept of shared ownership from the United Kingdom, Waukesha County officials are hoping to spur affordable housing and move foreclosed homes off the market in a single stroke.  Waukesha County and City of Waukesha officials are asking for more than $800,000 in federal housing money to quickly purchase, rehabilitate and sell distressed properties, all at appraised value.  Buyers would have ownership interest equal to the amount of financing for which they are able to qualify, with a nonprofit agency holding the remaining ownership share.

DNR office project postponed  

Tentative plans to develop a new building to house the Department of Natural Resouces' regional headquarters have been dropped.  The state in October said it wanted proposals from firms that would buy and demolish the regional headquarters, 2300 N. King Drive, and build new offices, totaling around 31,000 square feet. That space would be leased to the DNR.

Old, new development clash in Bay View  

My colleague Dave Umhoefer reports on a clash between new trendy night clubs and restaurants in Bay View, and a neighborhood convenience store.  The article also highlights the incredible power an alderman has over tavern licenses.

Regional planning group delays three road projects

Three Milwaukee-area road projects approved by state lawmakers won't proceed - at least for now - because a regional planning group wants to see what other work it might be able to do with federal stimulus money.  State Sen. Alberta Darling (R-River Hills) was incensed that a committee of the Southeastern Wisconsin Regional Planning Commission had stalled the projects - all of which are in her district.

Cummins laying off 127 more in state

Cummins Filtration will be laying off 127 Wisconsin workers in three communities because of a slowdown in demand for its diesel engine components.  The layoff includes 53 employees in Viroqua in Vernon County in western Wisconsin, while 265 workers will keep their jobs at that plant.  Another 30 workers are being laid off at the Black River Falls facility, where 163 will still be employed, and 44 are being laid off in Bloomer, where 175 remain employed.

Walker suggests 230 layoffs to balance Milwaukee County budget

Layoffs of about 230 Milwaukee County employees this year appear likely, due to expected cuts in state aid, sales tax revenue and investment earnings, County Executive Scott Walker said Tuesday. He also favors wage freezes and said county employee unions might be more receptive to that option as a way to avoid some layoffs. He called layoffs "very likely," but did not say which jobs might be at risk. If the full 230 jobs are eliminated, that would shrink the county work force of about 5,000 by almost 5%. The 2009 county budget also included layoffs of 72 hospital food service workers.

Study says Milwaukee County headed for huge deficits

Despite repeated warnings, Milwaukee County has failed to fix deep-rooted budget problems that could blow up in a few years, says a study by the nonpartisan Public Policy Forum released Tuesday. The county's long-term solvency may require state or other intervention unless Milwaukee County Executive Scott Walker and the County Board cooperate on a long-term plan to stabilize county finances, the forum report warns.

US Bank asks all employees to take 5% pay cut, lays off 33 in Milwaukee

US Bank is asking local employees to take a 5 percent pay cut while laying off 33 employees in Milwaukee, the company has told state officials.  While the layoffs should not affect the five US Bank branches in Kenosha County, all employees in the company have been asked to take the voluntary pay cuts in the form of unpaid time off, said Lisa Clark, corporate assistant vice president in Madison.

Johnson Controls to cut jobs, close 10 plants

Johnson Controls says it will cut jobs and close 10 plants as part of a restructuring effort that will cost between $200 million and $215 million.  The Milwaukee-based maker of auto parts and building systems did not say how many employees will be affected or which plants will close. It says it will take the charge in its fiscal second quarter ending this month. The company expects to finish the restructuring in 2010.

City may cut up to 1,400 jobs, Barrett warns

Pressed by stock market losses and falling real estate values, Milwaukee's city government will need to cut 1,000 to 1,400 jobs over the next two to four years, Mayor Tom Barrett has warned. Pressed by stock market losses and falling real estate values, Milwaukee's city government will need to cut 1,000 to 1,400 jobs over the next two to four years, with most of those reductions coming in the 2010 budget, Mayor Tom Barrett has warned city agency chiefs.

Doyle budget includes help for Bradley Center

Gov. Jim Doyle has included a provision in the state's capital budget seeking $5 million in state bonding support to upgrade the Bradley Center.  It is the first time the Bradley Center has taken the step to make such a request and is a reflection of the arena's increasing difficulty with generating enough money on its own to maintain the building. The Bradley Center, a $90 million gift from Jane Bradley Pettit in honor of her father, industrialist Harry Lynde Bradley, was built without tax dollars and has operated without any public funding.

Milwaukee area home prices down 5 percent

Home prices in the Milwaukee area decreased 4.92 percent in January compared to a year ago However, home prices in the Milwaukee area continue to hold up better than in other parts of the country. National resale housing prices fell by 11.6 percent in January, compared to a year ago, according to First American CoreLogic.

Milwaukee Council approves wage ordinance for commercial projects

The Milwaukee Common Council today voted 8-7 to approve an amended ordinance that creates wage standards and city resident hiring requirements for commercial developments that receive at least $1 million in financial assistance from the City of Milwaukee.  The heavily debated ordinance was discussed for more than two hours on the Council floor during today's regular meeting at City Hall.  The approval means several changes are now in effect for development projects receiving at least $1 million in city assistance.

Will China global currency idea fly?

China ’s central bank has called for the creation of a new global currency as an alternative to the dollar, in the latest sign of that country’s growing assertiveness on the international stage. But would the idea even work? Economists said the proposal is feasible, at least in the long run, but faces a number of hurdles, such as getting private companies to accept it.  Two key U.S. economic policymakers appeared to dismiss the idea during a congressional hearing Tuesday. Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke were asked by Rep. Michele Bachmann (R-Minn.) if they would "categorically renounce the United States moving away from the dollar." Both said they would.

Fed hopes printing money will buy solution

In March 2001, more than a decade after its bubble economy collapsed and with short-term interest rates already at zero, the Bank of Japan bit the bullet and began buying that nation's long-term government debt with money it created out of thin air.  In March 2001, more than a decade after its bubble economy collapsed and with short-term interest rates already at zero, the Bank of Japan bit the bullet and began buying that nation's long-term government debt with money it created out of thin air.  Along with other programs designed to flood the banking system with reserves, the BOJ's new policy was known as "quantitative easing." It was the first time any major central bank had taken such measures.

Development News for the week 3/14/09-3/20/09
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MUCH OF HIS LIFE SPENT WORKING FOR FAMILY FIRM HE RETURNED TO THE COMPANY AFTER WORKING FOR TOMMY THOMPSON IN WASHINGTON.

Developer Joe Alexander recently took over as president of The Alexander Co. from his father, Randy Alexander. The company - which specializes in urban infill, new construction, brownfield revitalization and historic preservation - most recently purchased Northgate Shopping Center on Madison's North Side and has plans to refurbish the center.   Some of the high-profile projects in Madison include Capitol West, a residential development Downtown, and Novation Campus, a commercial development at Rimrock Road and the Beltline.

SEND TIF FUNDS BACK TO CITY? CONDOS AREN'T SELLING; EXTENSION SOUGHT

In a stalled housing market, developer Randy Alexander may have to repay Madison up to $4.27 million for not selling condos as quickly as promised at a massive housing project Downtown.  The City Council will soon decide whether to demand repayment of public subsidy or give Alexander an extension for meeting sales requirements at the Capitol West project on the 300 block of West Washington Avenue.

Dane County home sales continue to slip

Lawmakers on Tuesday approved $42.4 million in road and bridge work using federal stimulus money, but none of the funds will go to Milwaukee.  The state is focusing on the projects it can do right away because of use-it-or-lose-it provisions in the economic stimulus package Congress passed last month.  The 16-0 vote by the Legislature's Joint Finance Committee cleared the way for the work to begin, because the Senate and Assembly do not have to also approve the projects. Bids will go out as early as April 28.

Epic's system: Take advantage of need for electronic medical records

There's a buzz at Epic Systems, despite the drumbeat of sour economic news. Inside the sprawling $300 million "Intergalactic Headquarters," a half-dozen job candidates await interviews on cushy sofas, enjoying a view of the upper Sugar River valley as sunshine pours through the full-length windows on a bright, though chilly, March morning.  "A lot of what we've done here is to help us attract staff," explains Epic recruiter Jon Neumann during a recent tour of the facility. "We're not Seattle, we're not Silicon Valley, so we need to be a little bit better."

Federal money to help St. Mary's in Sun Prairie buy CT scanner

Money from the $410 billion federal Omnibus Appropriations Bill signed Wednesday will help buy a CT scanner for the St. Mary’s Sun Prairie Emergency Center to open in July. St. Mary’s.  Money from the $410 billion federal Omnibus Appropriations Bill signed Wednesday will help buy a CT scanner for the St. Mary’s Sun Prairie Emergency Center to open in July.  St. Mary’s announced the $476,000 in funds to be used for the scanner Friday. Depending on what model the hospital selects, the scanner could cost about $700,000 to $800,000.

Lower gas prices follow death of minimum markup law

Overturning the state's minimum markup law on gasoline is having a clear impact on prices in the Madison area.  Woodman’s Food Markets has revived a 3-cent-per-gallon discount for customers with a grocery receipt and Sun Prairie stations may be battling over prices.  The Woodman’s discount was scuttled in 2006 after a successful lawsuit by competitor Kwik Trip, which claimed the discounted price was below the legal minimum markup.

Mortgage buyers lock into low rates

Local banks felt an immediate impact Thursday from a drop in mortgage interest rates.  At Home Savings Bank of Madison, where the rate for a 30-year fixed-rate mortgage dipped as low as 4.75 percent Thursday, many borrowers locked in at the low rates, said bank president Jim Bradley.  "I think that people have been waiting for some of these trigger points," he said. "I would say this was one of our biggest lock days probably in the last couple of months."

NEW WEB SITE FOCUSES ON LOCAL BIOTECH INDUSTRY

Local biotech entrepreneur Russell Smestad announced the launch of a Web site that aims to enhance the visibility of the Madison biotechnology industry, to facilitate finding local career opportunities in biotech, and to provide a private networking forum for its executive talent.   Smestad's new company is Biotech Profiles LLC and the site is BiotechProfiles.com.

NETWORKING SITE LINKS BIOTECH COMPANIES

A new Web site has been launched to heighten the visibility and enhance networking in the Madison area's biotechnology community.   Biotech Profiles at www.biotech profiles.com offers data on local biotech companies as well as a list of job openings in the field, global partnering prospects and a forum of biotech executives to share ideas.

CONSTRUCTION TO START ON COUNTY JUSTICE CENTER

Reconstruction of the streets and sidewalks around the courthouse square isn't the only big change coming to downtown Monroe this year.  In August, the Green County court system will move from the courthouse. Dating to 1891, the building is known for its 120-foot-tall clock tower and ornate main courtroom with original wooden chairs.

WORK TO BEGIN ON CHADBOURNE, BARNARD HALLS

Chadbourne and Barnard residence halls on the UW-Madison campus soon will get a facelift, but at a higher price tag than initially expected. The UW Board of Regents approved a request this month to increase the budget to renovate the two dorms by $1.3 million, bringing the total to about $13.7 million.

BROKER GUILTY IN DOA SALE

A real estate agent was found guilty Monday of seeking an illegal kickback on the sale of a Downtown Madison state office building from a potential buyer.  U.S. District Judge Lynn Adelman found Larry Lupton, of Brookfield, guilty of bribery, wire fraud and two counts of making false statements to the FBI. He solicited about $75,000 from a broker of a potential buyer and later provided the broker with confidential details of rival bids, Adelman ruled.

Thermo Fisher cuts 22 jobs

Thermo Fisher Scientific of Fitchburg has cut 22 jobs, reducing its work force of 450. “Business decisions that result in the loss of jobs are always difficult. However, these actions are designed to strengthen our global competitive position and provide continued growth opportunities for our 34,000 employees in the long term,” spokesman Vaughn Harring said at corporate headquarters in Waltham, Mass. Thermo Fisher Scientific makes laboratory research instruments.

Around the State and Points Elsewhere
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Park Lafayette work to resume

Construction work that had been suspended on the Park Lafayette condominium towers, on Milwaukee’s east side, will resume next week, the project’s developer said Friday.  The work stopped on Feb. 4 because of delays in refinancing the project’s construction loan. The project's lender, New York-based Amalgamated Bank, has now released funds to complete the project, said developer Warren Barr, president of Renaissant Development Group LLC, of Oak Brook, Ill.  Hunzinger Construction Co., the project's general contractor, is to resume work on Monday, Barr said. The building's condos might be ready for move-in by the first week of May, he said.

Building contractors must register with state

Starting July 1, home and commercial building contractors must be registered with the state Department of Commerce, under a new rule.  The idea is to make sure contractors are legitimate, and help screen out the fly-by-night operations, said department spokesman Tony Hozeny.

Green Bay plans $3.5 million in loans to developer

The city of Green Bay will loan $3.5 million to developer John Vetter to get redevelopment of the Younkers department store site back on track.  Vetter, of Vetter Denk Architects, Milwaukee, and city officials on Wednesday presented to the Redevelopment Authority an agreement that provides Vetter with loans from three entities to restart the downtown project. Construction could start in May. The project includes the Green Bay Children's Museum and Hagemeister Park restaurant.

Milwaukee city property values fall 5%

The recession has sent Milwaukee's property values tumbling 5%, or nearly $1.5 billion - the biggest drop in at least 27 years, preliminary city figures show. At the same time, the pounding that city pension fund investments have taken in the stock market could force a $40 million increase in the city's contribution to the fund, budget director Mark Nicolini said Thursday.  Together, the impact of falling property values and rising pension expenses could lead to a combination of tax increases and public employee layoffs next year, warned Nicolini and Ald. Michael Murphy, chairman of the Common Council's Finance & Personnel Committee.

Gold's Gym to open Waukesha location

A Gold's Gym will open in July in Waukesha in a former Sentry supermarket location at Moreland Blvd. and Delafield St. It will be one of a dozen planned for the area over the next few years.

Plan encourages development of water industries

City officials will create a plan to encourage new development, including a business park for water-related industries, for the area around the Port of Milwaukee under a Redevelopment Authority recommendation Thursday.

Condo development's receiver wants sales rescinded

Here's a twist: instead of a condo buyer trying to back out of a sale agreement, a condo seller is hoping to kill the deal.  The dispute centers on downtown Milwaukee's The Point on the River condominiums. The project's court-appointed receiver wants a judge to toss out an agreement by the Point's developer to sell nine condos at alleged below-market prices.

Builders report surge in apartment complexes

Last month, for the first time in eight months, housing starts in the United States increased, surging 22 percent in February to a seasonally adjusted annual rate of 583,000. The monthly increase, which was the largest in 19 years, was fueled by a spike in new construction of apartment buildings, as fewer consumers are qualified to be homeowners with the more restricted flows of credit.  Single-family homes under construction dropped 3.4 to 370,000, the lowest in 38 years.  By region, monthly housing starts rose 89 percent in the Northeast, rose 58 percent in the Midwest, rose 30 percent in the South and fell 25 percent in the West.

Port redevelopment focus proposed

The area around the Port of Milwaukee would be the focus of redevelopment efforts under a proposed city ordinance.  The ordinance would declare the area as "blighted," the first legal step in giving the Redevelopment Authority the ability to buy and redevelop properties near the port.

Oak Creek votes down proposal to fund 50% of Drexel  

The Common Council this week voted 4-1 against a resolution that would have pledged the city to covering 50% of the cost of a proposed interchange I-94 interchange at Drexel Ave. Last month, the council had approved a resolution promising to pay 25%, or $3.8 million, of the cost.

Triangle Tool expanding with $6 million project

Triangle Tool Corp., which makes industrial molds, is adding 18,000 square feet to its 155,000-square-foot manufacturing facility on Milwaukee's northwest side.  Triangle,  8609 W. Port Ave., expects to complete the addition by June, said Victor Baez, technology sales manager. The Redevelopment Authority on Thursday will consider issuing $6 million of redevelopment revenue bonds for the project.

Franklin Staybridge Suites is open, construction on downtown location halted

Two different Staybridge Suites hotel developments are experiencing very different fates.  The 118-room Staybridge Suites hotel at the southwest corner of Ryan Road and South 27th Street in Franklin opened recently.  Meanwhile, construction of a 14-story mixed-use building including a Staybridge Suites hotel, being built by Park Ridge, Ill.-based Economou Partners at the southeast corner of Water Street and Juneau Avenue in downtown Milwaukee has been halted for weeks. Economou recently shifted the 31 condominiums in the project to apartments and is adding a few suites to the hotel. Completion of the construction project has been delayed several times.

Locker's Pointe in foreclosure

Locker's Pointe, a Wauwatosa development with seven condominiums and street-level retail space, is the target of a foreclosure suit filed by Waterstone Bank.  The building, at 9125 W. North Ave., will likely end up being owned by the bank to settle the suit, William Bruss, Waterstone senior vice president and general counsel, tells my colleague Doris Hajewski. The three-story development was built in 2007, and includes a Locker's florist and an Alterra coffee shop.

Proposed apartments get mixed reviews at hearing

Only a few community members appeared in front of the Wauwatosa Common Council on March 17 to voice their opinions on a proposed apartment complex near State Street.

Fed launches bold $1.2 trillion effort to revive economy

With the country sinking deeper into recession, the Federal Reserve launched a bold $1.2 trillion effort Wednesday to lower rates on mortgages and other consumer debt, spur spending and revive the economy.  To do so, the Fed will spend up to $300 billion to buy long-term government bonds and an additional $750 billion in mortgage-backed securities guaranteed by Fannie Mae and Freddie Mac.  Fed Chairman Ben Bernanke and his colleagues wrapped a two-day meeting by leaving a key short-term bank lending rate at a record low of between zero and 0.25 percent. Economists predict the Fed will hold the rate in that zone for the rest of this year and for most — if not all — of next year.

Bernanke: recession could end in '09

America 's recession "probably" will end this year if the government succeeds in bolstering the banking system, Federal Reserve Chairman Ben Bernanke said Sunday in a rare television interview.  In carefully hedged remarks in a taped interview with CBS' "60 Minutes," Bernanke seemed to express a bit more optimism that this could be done.  Still, Bernanke stressed — as he did to Congress last month — that the prospects for the recession ending this year and a recovery taking root next year hinge on a difficult task: getting banks to lend more freely again and getting the financial markets to work more normally.

Blackhawk Bancorp gets $10 million in bailout funds

Blackhawk Bancorp of Beloit, parent company of Blackhawk Bank, has received $10 million under the federal Troubled Assets Relief Program (TARP), becoming the 12th Wisconsin bank to participate.

Navigating the stimulus package

City leaders from across the state gather Friday to learn how to navigate the largely uncharted territory of federal stimulus dollars available to local governments in Wisconsin.  The Legislature’s Joint Finance Committee cleared the way Tuesday for the first release of federal stimulus money for local transportation programs in Wisconsin, but there are a myriad of other programs available to local officials, and Friday’s meeting will touch on only a few.

House to vote on 90 percent tax for AIG bonuses

The House is scheduled to vote today on a bill that would levy a 90 percent tax on bonuses paid to employees with family incomes above $250,000 at companies that have received at least $5 billion in government bailout money.  "We figured that the local and state governments would take care of the other 10 percent," said Rep. Charles Rangel of New York, chairman of the tax-writing House Ways and Means Committee.

DOYLE PROPOSES TOUGHER CONTROLS ON GREAT LAKES WATER QUALITY

When Dean Haen, president of the Wisconsin Commercial Ports Association, first learned of the state's latest effort to improve water quality in the Great Lakes, he was not impressed.  "I thought to myself, 'Who do they think they are?" said Haen of state Department of Natural Resources officials. "Who is going to meet Wisconsin's standards when it's tougher than what most states and the rest of the world has in place?"

SUPPORTERS URGE STATE TO KEEP FILM INCENTIVES DEFENDING TAX CREDITS FOR WORK ON MOVIES

RD Image in suburban Milwaukee and Pulse Communications in Green Bay expanded their facilities to cater to the film industry they expected to grow with new state tax incentives.  They were right in assuming a 25 percent tax break would lure movies and TV shows and bring them business.

STATE NOT THE ONLY ONE TO MEAN IT WISCONSIN TOURISM JOINS A CROWDED FIELD OF "LIVE LIKE YOU MEAN IT" SLOGANEERS, WHICH COULD CAUSE LEGAL PROBLEMS FOR THE STATE.

Wisconsin 's new state slogan isn't all that new.   Gov. Jim Doyle said Monday the state will use "Live like you mean it" to promote Wisconsin as a tourism and business destination. The Department of Tourism plans to use the phrase in advertising campaigns and is encouraging other state agencies to follow suit.

Trek Bicycle furloughs affect about 300

Trek Bicycle Corp. has instituted temporary furloughs for many production workers at its Waterloo plant. Most production employees rotated one week on, one week off without pay during February. Fewer than 300 of the 900 employees at Trek’s Waterloo operations were affected, said human resources manager Jeff McFarlane, calling the move "proactive." A smaller number of workers is still operating on the every-other-week-off-without-pay schedule, he said. McFarlane said overall employment has been reduced since Jan. 1 by less than 5 percent but he did not provide specific numbers. Trek has 1,100 employees in Wisconsin. The Waterloo plant assembles road bikes and mountain bikes.

Toro to lay off about 235 from Tomah site

The Toro Co. has told Wisconsin officials it will lay off about 235 workers from its Tomah site next month.  The Bloomington, Minn.-based company makes products for landscape maintenance.  A Toro executive told Wisconsin officials in a letter last week the layoffs are expected to occur on or about April 20.The Wisconsin Department of Workforce Development released Toro's letter on Tuesday, as well as notices from three other companies.  Columbia Forest Products in Mellen says it will lay off about 75 workers in May.

Lake Mills plant to lay off 34 workers

Geiger International has notified the state that it will lay off 34 people at its office furniture manufacturing plant in Lake Mills. The company, based in Atlanta, cited the "current global economic conditions" as a reason for the layoffs, scheduled to begin May 11.

HUFCOR IN JANESVILLE TO LAY OFF 100 IN MAY

Janesville officials are banking on an economic recovery they hope will come sooner rather than later to help soften the blow of what's becoming a broken record of bad news for businesses and workers there.   The latest lament was heard Friday, when Hufcor, a movable-wall manufacturer, told the state it would lay off 100 workers from its corporate headquarters on Kennedy Road in May. Two days before that, automotive supplier Bourns announced the closing of its Janesville plant in 12 to 18 months, which will cost 143 employees their jobs.

State headlines: ThyssenKrupp in Waupaca to lay off 160 workers

ThyssenKrupp Waupaca, a foundry that employs close to 1,400, announced plans to lay off 160 workers effective April 3. In addition, Koenig & Vits in Manitowoc will begin a permanent elimination of 23 salaried and 63 hourly production employees in May. Read more in BizTimes Milwaukee's daily roundup of headlines from newspapers across the state at www.biztimes.com/#news.

State headlines: Bergstrom to close four Saturn dealerships in Wisconsin

Neenah-based Bergstrom Automotive plans to close four of its Wisconsin Saturn dealerships by April 15. The affected dealerships are in Eau Claire, Fond du Lac, La Crosse and Wausau. Read more in BizTimes Milwaukee's daily roundup of headlines from newspapers across the state at www.biztimes.com/#news.

House votes 90% tax on bailout bonuses

Denouncing a "squandering of the people's money," lawmakers voted decisively Thursday to impose a 90% tax on millions of dollars in employee bonuses paid by troubled insurance giant AIG and other bailed-out companies. The House vote was 328-93.

City seeks stimulus money to improve 51st Street

After a tense two-hour confrontation with about 50 residents, the Franklin Common Council voted March 17 to seek federal stimulus dollars to reconstruct South 51st Street.

Development News for the week 3/7/09-3/13/09
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MADISON TO LAUNCH 'ONE-STOP SHOP' FOR BUILDING PROJECTS

Builders and others looking for information on how to get a project rolling in the city of Madison will have a new "one-stop shop" to go to starting Tuesday. The Development Services Center will bundle all of the various city agencies that are utilized for development and construction into one Web site for the first time.

Mayor Dave Cieslewicz To launch Development Services Center web site

The Development Services Center or the virtual “One Stop Shop” for the first time provides a central location for information to guide a building project of any size from start to finish. The site has everything from development review to permitting to inspection processes for all City agencies. The site compiles critical resources for businesses, developers and Madison residents in one easy to use location. The site provides information and assistance to obtain permit application forms, agency checklist requirements, process flowcharts, timelines, process requirements, staff contact information, links to relevant planning documents and ordinance requirements.

HOUSING AUTHORITY MULLS SMOKING BAN FOR NEW ALLIED DRIVE APARTMENTS

Robert Artis, an activist in his low-income Allied Drive-Dunn's Marsh neighborhood, said that if he wants to smoke in his apartment, he ought to be able to light up. "I should have the right to sit down on my couch after dinner and smoke a cigarette," said Artis. "If I can't smoke in my own home, where can I?"

VACANT COMMERCIAL SPACE SPARKS COMPETITION FOR BUSINESSES

Even though the new model of economic development leans more toward cooperation and retention than competition, there is increasing pressure among economic development professionals to attract jobs and investments at a time when both are in short supply. "There is greater interest from more communities," said Karna Hanna, executive director of the Sauk County Development Corp. "Everyone is hungry. Everyone has more available workers."

DEFYING THE SLOWDOWN LOCAL OFFICIALS TAKE STEPS TO KEEP BUSINESSES GROWING AND EXPANDING IN OUR AREA DESPITE THE ECONOMY

Despite a national economy that is terrible by just about every measure, the phones are still ringing at the desks of many economic development officials in southern Wisconsin. Lafayette County's cheesemaking industry, for example, is expanding, according to JoAnne Ehasz, executive director of the Lafayette Development Corp., a group that promotes and attracts economic development in the southwestern Wisconsin county.

Delitalia, Tony Roma's restaurants close

Two Madison area restaurants have closed and one is changing ownership.  Closed are Delitalia, 7854 W. Mineral Point Road, an Italian-style delicatessan that has occupied several Madison locations since 1983, and Tony Roma’s of Fitchburg, which opened seven years ago.  J.T. Whitney’s, 674 S. Whitney Way, closed temporarily due to an ownership change but is expected to reopen soon.

LongHorn Steakhouse proposed near West Towne

A LongHorn Steakhouse has been proposed in the area southwest of Mineral Point and Gammon roads on the perimeter of West Towne Mall, according to an application submitted to the Madison Urban Design Commission. The restaurant would occupy a 5,695-square-foot new building on the site of the former Smokey Bones Barbecue & Grill, 418 S. Gammon Road, which closed nearly two years ago. LongHorn is operated by Florida-based Darden Restaurants, which also operated Smokey Bones.

STIMULUS BILL TO CREATE JOBS IN COUNTY

The federal stimulus money coming to Dane County will create an estimated 200 jobs and expedite certain infrastructure projects, Dane County Executive Kathleen Falk announced Friday. Federal assistance for two bridge projects included in the 2009 budget will free up $200,000 for an additional road reconstruction project this year, Falk said. Most of the new jobs would be in construction.

REGION RANKS HIGHER THAN YOU'D THINK IN MANUFACTURING JOBS

Comparing the Madison region to the five peer regions included in Thrive's recent "State of the Madison Region" report provides a few surprises. In 2006, the eight-county Madison region ranked first in the percentage of jobs in manufacturing. Almost one of every eight jobs in the region was in the manufacturing sector. That compares to only one in 12 jobs in manufacturing in the five peer regions.

Madison's non-profit housing providers face loss of property tax exemption  

When Howard Mandeville thinks about the importance of maintaining affordable housing in Madison, he thinks of two roommates, Tom and Bob.  Mandeville is the executive director of Movin' Out, a housing provider that specializes in low-rent housing for people with physical disabilities. Before Tom and Bob moved into one of Movin' Out's units, they were living in an apartment that rented for more than half of their $1,800 monthly income. Thanks to Movin' Out, the men were able to get an affordable apartment that met their health needs, including wheelchair accessibility, for $690 per month.

General Casualty's parent company, QBE's Americas division, reports revenue growth

QBE's Americas division, the U.S. parent company of General Casualty in Sun Prairie, reported net income of $236 million in 2008 on gross premium revenue of $3.7 billion, which is up 22 percent from 2007.  QBE spokeswoman Anne M. Smith on Monday credited the company's "very good year" primarily to growth by acquisitions and disciplined premium pricing to ensure adequate amounts were collected.

Stoughton Trailers warns of possible layoffs

Stoughton Trailers issued another notice to the state Department of Workforce Development on Thursday, saying additional layoffs could occur in early May. In February, the Stoughton company halted one of three production lines ending work for about 150 employees. About 350 employees remain on the job. The locally owned company makes vans, platform trailers, grain haulers and flatbeds and is the fourth-largest truck-trailer manufacturer in North America.

SONIC FOUNDRY WINS SAUDI UNIVERSITY JOB

A $2 million contract to provide Mediasite equipment to a university campus under construction in Saudi Arabia is Sonic Foundry's biggest deal for 2009, chief executive and chairman Rimas Buinevicius told the company's annual shareholders meeting at Monona Terrace on Thursday. The King Abdullah University of Science and Technology will have 150 classrooms equipped with the Madison company's technology to record lectures and make them available for playback later.

Affiliated Engineers lays off 19

The slowdown in building and construction has hit Affiliated Engineers of Madison. The firm has laid off 19 staff members, ranging from entry level workers to senior engineers, spokesman Peter Strupp said Wednesday.  That amounts to about 8 percent of the total staff of 242 at the Madison office.  Strupp said the layoffs are the first at Affiliated since the early 1980s.  "It's certainly something we regret, but it's a necessary response to the changing scale of the projects from our clients," he said.

Foreclosures continue to soar in area

Home foreclosures jumped 71 percent in February over January in south central Wisconsin, according to figures released Thursday.  RealtyTrac, an online foreclosure tracking firm, said 333 housing units received foreclosure filings in February in Dane, Columbia and Iowa Counties, up from 195 in January.  The February 2009 total was 141 percent higher than February 2008, when 138 foreclosure filings were recorded in the three county area.

Survey: Madison-area employment expected to be flat during April-June quarter

A new employment outlook survey says the majority of U.S. employers expect no change in staffing levels in the second quarter. Sixty-seven percent of nearly 32,000 employers surveyed by Manpower of Milwaukee expect to maintain their work force in the upcoming quarter, 15 percent expect to increase staff and 14 percent expect to cut employees.  Manpower chief executive Jeffrey Joerres said the results show that even in the difficult economic environment, employers are trying to maintain their “work force infrastructure.”

How stressed is your bank? Feds order tests for financial health

You're likely feeling stressed these days, and so is your bank. The nation's 19 largest banks have been ordered by regulators to undergo "stress tests" to gauge how they'd hold up if the economy deteriorates further.  No Wisconsin-based financial institutions made the list, which only includes banks with more than $100 billion in assets. The largest state bank is Marshall & Ilsley of Milwaukee, with $56 billion in assets, according to the Federal Deposit Insurance Corp.

Berntsen Foundry lays off 57 employees

Berntsen Foundry, 2334 Pennsylvania Ave., on Tuesday announced a temporary layoff of 57 employees for an unknown duration. The job-shop foundry, which makes parts to customer specifications, informed the state Department of Department of Workforce Development that it was finished with all current orders and anticipated recalling the workers when new orders arrive.

Trachte Building Systems extends 51 layoffs, cuts 14 other jobs

Trachte Building Systems of Sun Prairie is extending the layoffs of up to 51 sheet-metal workers and terminating 14 non-union employees. The company, which designs and develops self-storage buildings, had announced six-month layoffs of the sheet-metal workers beginning last Oct. 3 and Dec. 19. Now, those layoffs are expected to be longer than six months, Trachte said in a letter to the state Department of Workforce Development. The employees are represented by Sheet Metal Workers Local 565 of Madison.

Capitol Insurance Cos. of Middleton posts big profit in 2008

Capitol Insurance Cos. of Middleton had net income of $15.2 million in 2008 on gross premium revenue of $184 million, for its fourth-highest profit in the past 50 years, the company reported Tuesday. In addition, Capitol’s combined ratio — which measures the amount per premium dollar that an insurance company must pay to cover claims and expenses — improved to 91.8 percent, with a four-year average of 90.3 percent, according to the annual financial report.

CUNA Mutual's rating downgraded

Exposure to risky mortgage-backed securities in its investment portfolio has contributed to a downgrading of Madison-based CUNA Mutual Group by Fitch Ratings Service. Fitch, in a report issued March 6, downgraded the credit union insurance company two notches from "AA-" to "A." The rating service also similarly downgraded CUNA Mutual's property casualty subsidiary, CUMIS Insurance. In addition, Fitch revised its rating outlook on CUNA Mutual from "stable" to "negative."

Doyle pledges $6.6 million for manure digesters

Gov. Jim Doyle on Tuesday pledged $6.6 million in support for two manure digesters in Dane County, a move that will turn waste into renewable energy, keep phosphorus from running into area lakes and has the potential to generate extra cash for farmers.  The announcement, made at the Holy Wisdom Monastery in Middleton with members of the state Department of Natural Resources and Dane County Executive Kathleen Falk on hand, comes several weeks prior to Doyle releasing his capital budget, which will include the funds for the digesters.

MATC BOARD TO AGAIN DISCUSS MITBY THEATER'S FUTURE

Options for retaining the Mitby Theater will be presented during Wednesday's Madison Area Technical College District Board Meeting in Reedsburg. "We need to figure out how do we keep adequate performance space and address our needs for a student success center," said Terry Webb, MATC's vice president for learner success. "Is there a way to make both things compatible? That's what they've asked the architects to try and figure out."

Around the State and Points Elsewhere
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PRESERVING THE LOWER WISCONSIN RIVERWAY A 20-YEAR EFFORT TO PROTECT 92 MILES OF THE RIVER FROM DEVELOPMENT HAS SURVIVED INTENSE LOCAL CONTROVERSY.

The Lower Wisconsin State Riverway during these winter months is mostly abandoned to snow, soaring eagles and deep silences, but the idea of protecting this peaceful and remote place was born 20 years ago in a noisy storm of controversy. Early this year, Gov. Jim Doyle declared 2009 "The Year of the Riverway." Plans are in place to observe the anniversary throughout the year, celebrating the Riverway, which forever preserves the 92.3 miles of undammed and shining river that flows in braided channels and beneath wooded bluffs from Prairie du Sac to the Mississippi.

Madison firm could develop low-income housing in county

A Madison firm would take over as Milwaukee County's sole designated agency to develop and manage housing for local low-income residents with disabilities, under a recommendation Monday by a County Board committee. Movin' Out Inc. was tentatively picked for the job after no Milwaukee agencies wanted it, said county Housing Administrator Jim Hill. Twenty city agencies were solicited, but many said they worked exclusively in certain Milwaukee neighborhoods. The county wants to find firms to develop low-income housing for those with special needs in several suburban communities.

New Berlin bans mandated benefits

Add New Berlin to the list of municipalities passing bans on government-mandated wages or benefits for private employers.  New Berlin's Common Council approved an ordinance Tuesday night. Ald. William Moore cast the sole vote against it, calling it "political posturing."  Moore said as long as the council agrees the city shouldn't mandate such issues for local businesses, no such ordinance is needed. And trying to tie future councils to the position is impossible because they can reverse course if they please, he said.

Employment Outlook Survey reveals continuation of global hiring slowdown through the Second Quarter of 2009

The Manpower Employment Outlook Survey of global hiring trends released today reveals that employers worldwide say they will continue to cut back on hiring in the second quarter of 2009 compared to one year ago, with U.S. employers reporting the gloomiest outlook since the 1982 recession. In the Asia Pacific region, labor market conditions are expected to deteriorate at a surprisingly rapid rate.

Condominium developer seeks rezoning

Residents of Brookfield's south side had a chance to see preliminary plans for a 46-unit condominium development slated for a parcel of vacant land east of the Brookfield Suites Hotel.  Pewaukee-based Cornerstone Development met with more than a dozen neighbors March 4 to discuss plans for The Glen, the latest multi-family housing proposal for the 14-acre site on the south side of Hackberry Lane east of Moorland Road.

New zoning category proposed

Brookfield plans to rezone a section of land on the city's northwest side to help steer redevelopment toward light industrial and commercial uses in the 150-acre area along Capitol Drive. Pewaukee-based Cornerstone Development met with more than a dozen neighbors March 4 to discuss plans for The Glen, the latest multi-family housing proposal for the 14-acre site on the south side of Hackberry Lane east of Moorland Road.

Master plan goal includes invigorating city's commercial corridors

After more than a year in the works, Cudahy's 2020 comprehensive master plan is close to completion. The plan will focus on Cudahy's vision of future and provide details about how to achieve that vision in the next 10 to 20 years, according to a draft of the city's master plan from Vandewalle & Associates.  "It's an opportunity for us to reach, to dream, to stretch," said Mark Roffers, principal planner for Vandewalle & Associates.

DeBack proposal drops condos

A revised plan for development of the Harold DeBack farm in the S10900 block of Racine Avenue got a better reception from the Muskego Plan Commission than the original presentation. A month ago, a plan calling for 24 single-family homes and 24 duplex condominiums was blasted by residents and commissioners alike. But developer Bill Carity last week came back with plans that eliminated the condos.  The latest plan calls for 47 single-family homes on the 88-acre parcel.

Hart Park project deemed a priority

The Hart Park improvements project will go out to bid even though the city has not sold the Public Works land, a deal that was supposed to cover $1.2 million of the costs.  The Budget and Finance Committee on March 10 voted unanimously to remove the contingency of the sale from the city's ability to fund capital projects outlined in the 2009 budget, citing a strong desire by residents to see the park work move forward and high interest in renting the completed athletic facilities.

Condo development opts for apartments instead

The developer of the Falcon Glen condominium development told the Greenfield Plan Commission last night the project will not be able to go on as planned.  Because of poor sales, the developer, Mark Wimmer of Falcon Glen LLC, is proposing luxury leased apartments rather than condominiums in the project, which encompasses parts of Greenfield and Hales Corners on Edgerton Avenue.  Falcon Glen LLC had planned 166 condominiums but, in the midst of the housing crisis and economic recession, has sold only two.  "It is no longer economically feasible to sustain the Falcon Glen project as originally conceived," Wimmer said.

Lighthouse seeking $2.25 million MEDC loan for South Water Works

The Milwaukee Economic Development Corporation's loan and finance committee on Tuesday recommended approval of a $2.25 million loan to Lighthouse Development Company LLC for the South Water Works development. The Milwaukee EconomicDevelopment Corporation's (MEDC) loan and finance committee on Tuesday recommended approval of a $2.25 million loan to Milwaukee-based Lighthouse Development Company LLC for the South Water Works development. The matter now goes to the MEDC executive committee, which is expected to consider it sometime within the next two weeks.

Kaplan U. to take downtown retail space

Around 7,400 square feet of retail space at 201 W. Wisconsin Ave. would be used by Kaplan University, under a proposal filed with the city Board of Zoning Appeals.  New York-based Kaplan wants to use the space, in the street level of an office buildilng that houses the Internal Revenue Service, mainly for night-time classes, the proposal said. Kaplan, a for-profit college, would mainly target older students who work in the downtown area.

Staybridge Suites open in Franklin

Franklin's first chain hotel, a 118-room Staybridge Suites, has opened at 9575 S. 27th St., just south of W. Ryan Road. The Staybridge is owned by Franklin Hotel Company LLC and managed by The Bricton Group Inc., of Park Ridge, Ill. It is seven miles from Mitchell International Airport, and is among several new hotels that have either opened recently or are being developed near the airport.

Park East developer wins extra time

Chicago-based development firm RSC & Associates will apparently be getting more time from Milwaukee County officials to begin work on the hotels it plans to build in downtown's Park East corridor.  RSC in December 2007 bought from the county 2 acres bordered by  N. Milwaukee, N. Jefferson and E. Lyon streets and E. Ogden Ave. RSC paid $2,725,000 for the lot, the only Park East parcel so far sold by the county.

City smokes out more public places

A proposed ordinance would ban smoking on all municipal grounds and in all city of Greenfield vehicles and equipment.  Smoking is already banned in municipal buildings, such as City Hall, the public library and police station, but the proposed ordinance would expand the ban to the grounds outside those buildings.  City parks, however, would likely be exempt because of festival events like Dan Jansen Fest and the Fourth of July celebration.

County delays action on UWM land sale

A proposed sale of land by Milwaukee County to University of Wisconsin-Milwaukee for UWM's planned new engineering campus ran into a delay Monday before the County Board's Committee on Economic and Community Development.  Committee members voted unanimously to hold the item until some changes--including a proposed increase in the sale price--can be made to the proposal. The proposal could return later this month to the committee.

Aurora sells four office buildings for over $30 million

Aurora Health Care Inc. has sold four Milwaukee-area medical office buildings, totaling 185,000 square feet, to an investors group affiliated with Grubb & Ellis Healthcare REIT Inc. The buildings are at 7878 N. 76th St., Milwaukee; N84 W16889 Menomonee Ave., Menomonee Falls; 6425 W. Mequon Road, Mequon, and 3055 Hubertus Road, Richfield, the Santa Ana, Calif.-based company announced.  The buildings are being leased back to Aurora, which operates clinics at those locations.

County delays action on UWM land sale

A proposed sale of land by Milwaukee County to University of Wisconsin-Milwaukee for UWM's planned new engineering campus ran into a delay Monday before the County Board's Committee on Economic and Community Development.  Committee members voted unanimously to hold the item until some changes--including a proposed increase in the sale price--can be made to the proposal. The proposal could return later this month to the committee.  The board last fall approved negotiating a sale of the tract, which is on the County Grounds, east of Highway 45 and north of Watertown Plank Road, in Wauwatosa. A UWM affiliate is offering $11.8 million, in privately raised funds, for 89 acres.

Milwaukee area has fewer "underwater" mortgages than rest of U.S.

More than 8.3 million U.S. mortgages, or 20 percent of all properties with a mortgage, were in a negative equity position at the end of 2008 More than 8.3 million U.S. mortgages, or 20 percent of all properties with a mortgage, were in a negative equity position at the end of 2008, according to newly released data from Sacramento, Calif.-based First American CoreLogic. That is a significant increase from 7.6 million, or 18 percent, of all mortgages in negative equity at the end of September.

Bourns to close Janesville auto parts plant; 148 to lose jobs

In the latest of a growing list of economic blows to Janesville, automotive supplier Bourns on Wednesday announced the closing of its Janesville plant in 12 to 18 months, a consolidation move that will put 148 employees out of work.  The development comes after the December stoppage of most production at the General Motors plant, which had employed 1,200 people, along with job cuts or shut downs for several of the GM plant's suppliers, including LSI, Allied Trucking and Lear Corp.

STIMULUS CAN'T SOLVE SCHOOLS' SHORTFALLS FEDERAL MONEY WON'T PREVENT PROPERTY TAX INCREASES, OFFICIALS SAY.

The federal economic stimulus law will deliver about $398 million to Wisconsin's schools over the next two years, but officials say it won't solve their budget problems and homeowners should still expect property tax increases.

Moreover, it's still unclear how districts will be able to use the money, when it will arrive and what impact it will have on students.

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