Downtown Milwaukee’s Deer District is filling up as multiple projects make their way through the development pipeline, and the Milwaukee Bucks – the lead developer for the district – seek to fill in the final pieces.
What started a decade ago as a series of vacant lots and an arena that was not up to NBA standards, the 30-acre district has been built up into a new downtown neighborhood with hospitality, entertainment, retail and residential development – plus Deer District’s $524 million crown jewel, Fiserv Forum.
Following the COVID-19 pandemic and the subsequent economic fallout, momentum is strong in Deer District with a significant portion of the remaining land to be filled in the coming years.
Office project securing tenants
At the northern end of the district, the Bucks are in talks with a Chicago developer to potentially build more than 200,000 square feet of office space on the north half of what’s known as Block 6, sharing the lot with The Trade hotel, which opened in May 2023.
Chicago-based North Wells Capital – the firm that redeveloped downtown Milwaukee’s former Boston Store building, now occupied by a Kohl’s store and Fiserv’s corporate headquarters – is the firm interested in developing the office building, according to commercial real estate industry sources.
The Bucks have long included an office building in Deer District’s master plan, but no office building plans have moved forward there so far.
“Our intent for Deer District has always been to have a best-in-class office building. We continuously are exploring this potential and there has been significant interest as of late,” a Bucks spokesperson said, but did not comment further.
As part of the plans, the Bucks would move their offices to the building from the nearby Schlitz Park complex. Meanwhile, North Wells Capital and Milwaukee-based commercial real estate firm Founders 3 are in talks with other potential anchor tenants to occupy the building, sources said.
If built, the building could be the first office development in downtown Milwaukee since the COVID-19 pandemic rattled the office market. Office brokers said the possibility of a new office building downtown is a result of the flight to quality trend as more companies opt for higher-quality office space – often in downtown Milwaukee – and the supply of existing class A downtown office space, especially contiguous space, fills up.
Residential project securing financing
On a site next to the potential office building site, Milwaukee-based commercial real estate firm J. Jeffers & Co. is moving ahead on its planned development on what’s known as Block 5, located east of Block 6, across Vel R. Phillips Avenue from The Trade and just west of the Aloft hotel.
The firm is on track for an August 2025 closing and groundbreaking for the project’s 260 apartment units, according to chief executive officer Josh Jeffers, up from the 210 units initially proposed due to a redesign that would add efficiency to the building. The five-story building would also include a 26,000-square-foot space for a new Milwaukee Area Technical College athletic facility. Jeffers is working with the U.S. Department of Housing and Urban Development to secure construction financing for the market-rate project, he said.
Music venue project under construction
After a few delays – and despite earlier skepticism from some about whether or not it would happen – Madison-based concert promoter FPC Live started construction on its $60 million indoor music venue this spring. The building is being built on the northeast portion of Block 3, which is the former Bradley Center site south of Fiserv Forum.
The venue, which will have a capacity for 4,500 people in a ballroom-style setting, was originally proposed for the site in May 2022 and underwent a contentious zoning approval process before project leaders scrapped their initial plans for a two-venue facility in the face of increased construction costs and higher interest rates.
Slated for a fall 2025 opening, it’s estimated that the first shows for the venue will be announced early next year.
Bucks release RFP for more development
Assuming all of these projects make it to the finish line, the lion’s share of Deer District would be developed, with only smaller parcels available. The last significant piece of developable land is also located on Block 3, and the Bucks quietly released a request for proposals last month for the site.
According to a source, the RFP seeking a development on Block 3 did not identify a preferred use for the land, so long as the project “meets design standards in Deer District.” The Bucks confirmed that an RFP was sent out, but said the request was for primarily residential uses.
Block 3 is also where Madison-based North Central Group, which developed The Trade hotel, was reportedly planning a second Deer District hotel. North Central Group did not respond to requests for comment on the status of that project and detailed plans for the hotel have never been released publicly.
