UW-Milwaukee Downtown Spin-Off Opportunities
One of the main reasons given for expanding UW-Milwaukee in Wauwatosa is that there is plenty of room out there for spin-off companies that result from the research conducted at the new campus. Spin-off companies are what will drive the region’s economy and having room for them to grow is vital in order to capitalize on the potential research done by UW-Milwaukee.
While the space may be more obvious in Wauwatosa (as there is ample space for greenfield development), that does not mean that downtown Milwaukee does not have the capacity for spin-off companies. Quite the opposite is the case. Downtown has much more room than is needed for both UWM research and growth of spin-off companies.
There are several areas in downtown with either available office space or undeveloped land that could accommodate research/university functions or spin-off companies.
In total, using a conservative estimate, downtown Milwaukee has 2,400,000 SF of space currently available, 1,500,000 SF of potential space and 71 acres of available land for development:
The Brewery – Work is already underway to convert several buildings to office and residential uses. However, there still is not a major catalyst to drive demand at The Brewery. Currently, there as is at least 750,000 SF of potential space there.
MacArthur Square – A plan was recently put together showing what the future of MacArthur Square could be. Several potential buildings have been contemplated, but none of them have tenants. Conservatively, 750,000-1,000,000 SF of space could be made available.
Park East – Many projects in the Park East are underway, however, there is plenty of acreage left for new construction. Generally, there are 14 acres west of the river and 12 acres east of the river that could be developed.
Haymarket – The area north of the Park East and west of Martin Luther King Drive is full of opportunity. Haymarket is a mix of century-old buildings, underutilized warehouses and vacant lots. There is at least 45 acres of vacant land or deteriorated/obsolete buildings for development. In addition, the older buildings could be rehabbed into cheap incubator space.
Schlitz Park – There is approximately 200,000 SF of space available at Schlitz Park.
Central Business District – The CBD has 2,200,000 SF of vacant space of all types and rents.
Not only does downtown have enough space to handle UWM’s research vision and associated spin-offs, it has much more variety than would be available in Wauwatosa. The above areas provide a wide range of office spaces, from warehouse conversions to Class A space in an office tower. A new start-up company many not be able to afford rent in a new office building like is proposed for UWM Wauwatosa campus. However, they could more easily afford space in a warehouse at The Brewery or in Haymarket, allowing them to spend their resources on research instead of rent. As a result, UWM’s expansion into downtown Milwaukee would have a greater economic impact on the Milwaukee region than any other location.
Tags: 53202, milwaukee, office space, The University of Wisconsin-Milwaukee, uwm
31 Responses to “UW-Milwaukee Downtown Spin-Off Opportunities”
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April 1st, 2008 at 1:32 pm
As a graduate engineer from the UW system I have to say your ideas are a little misguided and are counter to what works best for a UW Engineering Facility. From a practical standpoint it doesn’t make any sense to have UWM Research campus downtown. MSOE, MATC, and Marquette have saturated downtown with any positive benefits that engineering and industrial research can offer. It would take UWM many, many years to provide any benefit beyond what those universities and colleges already offer.
UWM already is downtown at the Grand Avenue Mall with a good showing. UW also had been downtown for over 50 years at 6th and State. Although that campus site was large it was limited and was less than ideal.
IMHO the area around the County Research Park off of Innovation Drive and Watertown Plank is ideal. Plenty of nearby engineering companies and research facilities will provide real world experience for the students. Land is cheaper, transit options are excellent, there are few downsides. As an engineering student I would find this area much more suitable than downtown.
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