South Park Street development one step closer
Brandon Rule’s proposal for a $41.3 million mixed-use project on South Park Street is one step closer to reality after the city’s Finance Committee voted in favor of the project. It needs City Council approval on Dec. 3 to put it in motion.
Rule, president of Milwaukee-based Rule Enterprises, is looking to redevelop a city owned lot that used to be the Truman Olson Army Reserve Center at 1402 S. Park St.
Phase I calls for a six-story complex including a 30,000-square-foot grocery store, 150 mixed-income apartments, and a 345-space parking garage. Phase II would add 80 more housing units in a five-story building. Units will be reserved for residents earning between 30 percent and 80 percent of the area’s median income.
Rule has until Jan. 16 to secure a grocery partner for the proposed store, according to a Capital Times report.
If he fails to do so, the city would begin negotiations with Gorman & Co. for a $22.8 million, five-story project that would have 93 units and be reserved for those earning between 30 percent and 60 percent of the median income. Gorman & Co. says it would work with Maurer’s Market on a 24,000-square-foot grocery store.
Both Rule and Gorman are planning a completion date in 2022 to coincide with the last year of a Pick ’n Save grocery store lease at 1312 S. Park St.
In Rule’s case, however, the 2022 completion date would apply only to Phase I, which includes the new store.