MOD NOTE: Please don't quote the entire post. If there is something that you want to talk about, snip out the relevant part. Thank you.----------------------- MILWAUKEE PRO SOCCER UPDATE Progress Made on All Fronts MILWAUKEE (December 20, 2005) – Milwaukee Professional Soccer, LLC has quietly made significant progress in the last several months on all important areas of the stadium-anchored mixed-use development planned for downtown Milwaukee. The organization has been working behind the scenes to advance the project, which will bring a 20,000 seat outdoor soccer stadium and Major League Soccer expansion team to downtown Milwaukee in conjunction with a major real estate development targeted for a 2008 opening. Specifically, Milwaukee Professional Soccer has made progress with a major real estate developer, the City of Milwaukee, MLS, the soccer community, land owners and investors. REAL ESTATE DEVELOPER: Milwaukee Professional Soccer has begun working with Washington, D.C. based real estate developer Global Equity Partners, LLC. Global is an international developer with unique experience in stadium-anchored mixed-use developments. Among other projects, Global is developing a new home for MLS’s DC United along the Anacostia River in Washington, D.C. Cities have welcomed Global’s progressive approach, which involves private backing of TIF bond issuance and ensures that the City will not be put at risk financially. CITY OF MILWAUKEE: Milwaukee Professional Soccer and its development partner, Global Equity Partners, have issued a formal letter of interest to Milwaukee Mayor Tom Barrett and the President of the Common Council, Alderman Willie Hines, Jr. Milwaukee Professional Soccer has also met several times with City of Milwaukee officials to begin structuring a privately backed financing mechanism for the project. Alderman Hines and Alderman Michael D’Amato, along with City Comptroller Wally Morics, representatives of the Mayor’s office and the Department of City Development and Tim Sheehy from the Milwaukee Metropolitan Chamber of Commerce, have all provided positive input into the structure of the project. MAJOR LEAGUE SOCCER: Milwaukee Professional Soccer met last month with the League’s leadership at the MLS Board of Governors meeting in Frisco, Texas in conjunction with its delegation’s visit to FC Dallas’ new soccer stadium, Pizza Hut Park, and MLS Cup. The League and Milwaukee Professional Soccer discussed terms for securing an option for an expansion team for MLS’s 2008 season. Milwaukee Professional Soccer is looking to acquire that option in the first quarter of 2006. SOCCER COMMUNITY: Milwaukee Professional Soccer Chief Executive Officer Peter Wilt has met with many youth and amateur soccer groups over the last several months. Wilt has addressed youth soccer districts throughout the state including the Metro Milwaukee, Waukesha County, Madison and East Central Districts. Wilt has also attended important soccer events for the Milwaukee Wave, Milwaukee Kickers, Wisconsin Soccer Association and Interclubes. Milwaukee Professional Soccer is also working with the Wisconsin Youth Soccer Association leadership to develop a landmark partnership, which will enrich opportunities for the statewide youth soccer community. Milwaukee Professional Soccer has also organized viewing parties for the World Cup Draw and NCAA College Cup at Milwaukee’s premier soccer viewing venue, The Highbury Pub. LAND OWNERS: In the last several months, Milwaukee Professional Soccer has worked with the City of Milwaukee, Milwaukee County and several private real estate companies to identify potential sites for the stadium and mixed use development. Milwaukee Professional Soccer and Global Equity Partners are in active discussions with land owners in order to secure development rights for the project. INVESTORS: Milwaukee Professional Soccer has assembled a detailed private offering memorandum, which includes a stadium and team operations pro forma. The offering was recently made available to pre-qualified candidates who are interested in joining the current investor group. Milwaukee Professional Soccer is in discussions with more than two dozen potential investors locally, nationally and internationally. “While we still have several hurdles to climb, we have made significant progress in key areas of this process,” Milwaukee Professional Soccer Chief Executive Officer Peter Wilt said. “I am encouraged with the progress we’ve made to date. The inclusion of Global Equity and the engagement in the process by the City of Milwaukee have provided a great boost to our efforts,” Wilt said. WEBSITE: For more information on Milwaukee Professional Soccer and to subscribe to the Milwaukee Pro Soccer e-mail update list, please visit its website at www.milwaukeeprosoccer.com. ABOUT MILWAUKEE PROFESSIONAL SOCCER: Milwaukee Professional Soccer, LLC was formed in 2005 with the goal of developing a 20,000-seat soccer stadium in downtown Milwaukee and securing a Major League Soccer team for Wisconsin in 2008. A group of local investors formed Pegasus ParkEast Partners, LLC to become the sole managing member of Milwaukee Professional Soccer, LLC. On July 13, 2005, MPS hired veteran soccer executive Peter J. Wilt as Chief Executive Officer to lead its efforts. Wilt, a longtime Milwaukee area resident joined MPS from MLS’ Chicago Fire where he successfully launched the expansion team in 1998. For more information on Milwaukee Professional Soccer, visit its website at www.milwaukeeprosoccer.com. ABOUT MAJOR LEAGUE SOCCER: Headquartered in New York City, Major League Soccer is America’s only Division I men’s outdoor professional soccer league featuring top stars from the United States and around the world. The twelve teams that comprise MLS are: the Chicago Fire, Colorado Rapids, Columbus Crew, Club Deportivo Chivas USA, DC United, FC Dallas, Houston, Kansas City Wizards, MetroStars, New England Revolution, Real Salt Lake and the defending champion Los Angeles Galaxy. Major League Soccer’s eleventh season kicks off April 1, 2006. For more information about MLS, visit the League’s official website at www.mlsnet.com. Happy Holidays Milwaukee Professional Soccer extends its best wishes to you for a safe and joyous holiday season.
In the "City of Milwaukee" section, it's good to see that Tim Sheehy of the Metropolitan Milwaukee Association of Commerce is involved. Sheehy is involved in pretty much every high level conversation in the city and his organization is focused on attracting and retaining business to the city. If he is seeing this as a positive his is a significant name to add to the positive side of the ledger. It's also good that the real numbers guys are involved ie. Wally Morics, City Comptroller. Looks like the people who understand, and who will help others understand, how this works are getting involved. Things look positive.
HEY! HEY! HEY!!! There's some decent news to chew on here and everyone is keeping mum! Does anyone have insight on Global Equity Partners (what does D.C. have going on exactly)? How are the talks with the city shaping up (ie. whether DCD spokespeople will be making lame jokes or taking this seriously)? Can people take confidence in a TIF with private backing or will this fall prey to "new tax" blather? Is Garber really going to charge us the higher fee if this doesn't get settled before the 1st and am I going to have to take back that beer I bought him? How many landowners are being talked to and how many sites are being discussed? How can I get my hands on that investment memorandum and throw my $3.50 in the mix once I get Garber to refund me on that beer!!!? Bueler???
Here's a story from the Richmond Times-Dispatch on a minor league baseball stadium. It discusses Global Equity and its principal Lauterbach...not sure what to make of it. http://www.timesdispatch.com/servle...TD_BasicArticle&c=MGArticle&cid=1031781529396 Here's more info on the firm(scroll to the bottom) http://www.progressrichmond.com/about.asp
Some more information on Global projects: http://www.richmond.com/printer.cfm?article=3570457 http://www.palmbeachpost.com/localnews/content/local_news/epaper/2005/12/06/m1b_STADIUM_1206.html
Actually, by tomorrow night I'll be "stuck" in the Canaan Valley in West Virginia, skiiing. Not quite so brutal, I suppose. Plus, the US-Poland friendly in Kaiserslautern, March 1, magically coincides with my arrival in Brussels for a Belgian beer tour that starts on the 2nd. So, while I'd love to be in Lake Mills tomorrow, all in all, I can't complain.
Let's see.....if I leave work around 4:30 in Middleton, drive around the traffic on the Madison beltline, I would be walking into the bar in Lake Mills in time to enjoy a cold beverage. Sounds like a good plan.
Minnman, You put up a nice front my friend but it's obvious it's tearing you apart. I believe they have Krombacher in Kaiserslautern by the way. Krombacher Pils. A fine gift to share with your pals on BigSoccer
Global Equity Partners is in the early stages of development in the following markets: Washington, DC Tulsa, OK North Carolina Milwaukee, WI Wow! Finally connecting the dots on what may be happening in Tulsa... from TulsaNow-- "Out of state developers are working hard to place a ‘Major-League Soccer’ (‘MLS’) stadium in Downtown Tulsa’s East Village, the 115-acre, Downtown tract within 7th St., I244, Detroit and Highway 75. The developer also plans a 40-acre development of homes and stores nearby."
The team is owned by Global Equity Partners through their subsidiary, Global Sports and Entertainment, with Kevin Payne, long-time DC United pres, heading up the soccer end of the deal. They bought DC United in July from AEG for $26 M, thus putting some skin in the game and showing that they believe they know how to make money from this kind of development. I guess their involvement in Milwaukee, Tulsa and North Carolina shows this too. I can't find the link, but I believe they gave some consulting advice to RSL. The mixed use, hotel attached approach (rendering below) certainly fits their pattern. As to the United project, the Federal govt is (when Congress passes the bill) about to transfer land to the DC govt that, hopefully, by 2008 will feature a 27,000 seat, roofed on four sides stadium, with an attached hotel, mixed used surrounding development, including low income housing. The development is in one of DC's poorest neighborhoods, and DC United is putting on a concerted effort to build support within the community. This involvement with the needier parts of the district isn't new to United...they've been involved in community projects for years. Here's a PDF presentation that Payne made to a community meeting recently. Warning...if you don't have broadband, it's 2.8 meg. An article about the presentation and the surrounding politics. Payne and stadium architects recently made a European trip to look at stadiums. So glad you asked. May the same be your future. You have a winner in Mr. Wilt.
Do you want to connect up with some people in Kaiserslautern? I have some friends who are always looking to connect with Americans. You just have to like 1FCK.
