The situation with the Bayside project in Milwaukee is worth paying attention to, especially for investors and real estate professionals in large cities with a variation in the residential market.
On one side is the developer seeking to dominate a community with a mixed use community which would include 280 high end apartments. The developer has shown how its property tax money and eventual retail revenue would have a positive financial impact on the entire community.
The other side has the area residents of middle income residents with comparatively "simple" one and two bedroom single family homes, who are looking to retain the community they are living in without this large development.
To its credit, the city has delayed its decision either way while seeking more input and analysis. Frankly, not all municipalities would delay a project of this magnitude and actually listen to area residents. Instead, many would have pushed the development proposal through and started planning on how the millions of "new" dollars will eventually be spent.
However, one important factor is that a large number of area residents have attended the meetings and made their views felt. Often times it appears that hardly anyone cares until the change goes through and people complain when it is well after they had their chance.
It will be worth tracking this story for how this plays out, as well as for how both sides present their case.
Here is the story:
Book Briefs #44
4 days ago