Northwestern Mutual today announced a proposal to purchase O’Donnell Park including the lakefront parking structure and pavilion buildings. The company would make considerable improvements to the parking structure and enhance the open space above.
The company would buy the park at its current appraised value of $14 million and would receive a credit of $1.3 million reflecting a portion of needed maintenance on the parking structure.
“We have had conceptual discussions with Milwaukee County for some time on this idea,” said Sandy Botcher, head of Northwestern Mutual’s downtown campus development project. “We’ve developed a proposal that relieves the County of some of its financial burden, upgrades the parking structure, and enhances the high-quality open space for the entire community to enjoy.”
Public parking, green space, public access continues
Northwestern Mutual is in the process of building a landmark office tower across the street from O’Donnell Park in downtown Milwaukee. According to Botcher, conducting needed repairs to the O’Donnell parking lot and enhancing the public space adjacent to the company’s $450 million downtown investment will benefit the company while enhancing the area for all residents.
She stressed that Northwestern Mutual would continue to operate the facility as a public parking structure and keep all of the space on top of the structure open to the public.
Immediate improvements needed
An analysis of the parking structure commissioned by Northwestern Mutual in 2012 identified more than $6.5 million of near-term repairs needed in the facility. Were it to acquire O’Donnell Park, the company would initiate immediate improvements to the parking facility that would include structural repairs, deferred maintenance, improved cleanliness, and enhanced lighting to brighten the facility along with fresh painting and updated signage.
Added Botcher, “There are so many positive developments coming to life along the downtown lakefront, and we believe O’Donnell Park should be part of that. We look forward to working with County leaders to move this proposal forward and continue to play a role in increasing the vibrancy of the Milwaukee community.”
About Northwestern Mutual
Northwestern Mutual has been helping families and businesses achieve financial security for nearly 160 years. Our financial representatives build relationships with clients through a distinctive planning approach that integrates risk management with wealth accumulation, preservation and distribution. With more than $217 billion in assets, $26 billion in revenues and more than $1.5 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to more than 4.2 million people who rely on us for insurance and investment solutions, including life, disability and long-term care insurance; annuities; trust services; mutual funds; and investment advisory products and services.
Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company, Milwaukee, WI, and its subsidiaries. Northwestern Mutual and its subsidiaries offer a comprehensive approach to financial security solutions including: life insurance, long-term care insurance, disability income insurance, annuities, investment products, and advisory products and services. Subsidiaries include Northwestern Mutual Investment Services, LLC, broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company, limited purpose federal savings bank; Northwestern Long Term Care Insurance Company; and Russell Investments.
For further information: John Gardner, 1-800-323-7033, firstname.lastname@example.org