CMC Heartland Sells Property to River Revitalization Foundation for Riverwest Bike Trail

A four-and-a half acre parcel of land on the Milwaukee River south of Gordon Park has been acquired by the Milwaukee River Revitalization Foundation, Inc. from CMC Heartland Partners. The former railroad property, which stretches from the park towards North Avenue, will be converted into pedestrian walkways and bike paths. “Acquiring this piece of property ensures public space will be preserved and enhanced in the Riverwest area and helps us achieve our overall goals of connecting the neighborhood to the River,” said Chris Jaekels, secretary of the foundation. “We are very pleased with the land transaction and financing from CMC.” CMC has owned the land for over one hundred years and is financing $90,000 of the $400,000 purchase price. Kimberly Gleffe, executive director of the foundation, said the foundation also hopes to receive $200,000 from the Department of Natural Resources Stewardship Fund. A recent grant from the Milwaukee Foundation provides additional funding, and conventional financing has been provided by Park Bank. According to Gleffe the foundation will be fundraising for the balance of the purchase price. The parcel has been vacant since the 1980s. Because it was used for railroads, the property still has slopes that will be well suited for bike paths. “This transaction is beneficial for the neighborhood and the community and made good business sense for us,” said Lawrence Adelson, CEO of CMC. “We are happy the land will be used to complement the existing developments in the area.” The Milwaukee River Revitalization Foundation was formed in 1994 as an outgrowth of the Milwaukee River Revitalization Council established by Governor Tommy Thompson in 1987. The foundation’s mission is to protect and improve the environmental quality of the Milwaukee River Basin and facilitate the acquisition and management of lands bordering the River for public access, walkways and recreation. Riverwest Currents – Volume 1 – Issue 5 – June 2002