ICYMI my #1 Franklin story from 2018 was the progress going on at Ballpark Commons. The blog late last month included this important piece:
One last Ballpark Commons news nugget came earlier this month when the Journal Sentinel reported the development “is seeking another $5.2 million in city financing help — beyond $22.5 million already approved. Roc Ventures LLC, led by developer Mike Zimmerman, is seeking the additional cash because of ‘increases in unforeseen development expenses,’ according to a city report.”
That kind of reporting can certainly raise eyebrows. At first blush such a headline could boil blood. But the request by the developer is certainly reasonable and well understood when all facts are considered.
Keep in mind that this project has grown significantly from its infant stages by over $50M of additional projected increment. That means the project needed additional infrastructure that can support the addition(s).
This point is critical. Construction and other prices have increased during the 18 months or so since the tax incremental financing district was established for the development. The rise in construction costs is not a Ballpark Commons phenomenon. It’s a nationwide issue. Google to find out.various units of government have been involved and have paid such close attention. Not a bad thing. Just a reality.
Look, Ballpark Commons is no Miller Park. Doesn’t have to be. I know first hand that deals of this magnitude are extremely complex. They take time. And in the process costs can easily go up. Zimmerman has thrown substantial skin in the game. My guess is he wouldn’t go to the city and ask for assistance if he didn’t think such help was feasible.
And now for a timely update. From the Racine Journal Times:
The cost to simply build things in southeastern Wisconsin is rising. Rapidly.
According to area developers, the causes of rising costs are threefold: a shortage of workers, rising material prices and increased infrastructure costs.
Current conditions make what is happening with this project even more amazing.
Photos from Tredo Group