Milwaukee's Hotel Palomar Project Scrapped
A $150 million hotel and condominium project planned for Milwaukee, Wisconsin has become the latest victim of the down economy. Gatehouse Capital Corp. has decided not to proceed with the Palomar Hotel and Residences. The project called for 66 luxury condos and a 175-room Kimpton Palomar Hotel located in downtown Milwaukee's Park East area on a country-owned parcel of land. Last November, as the Milwaukee Journal-Sentinel reports, the County Board voted to extend Gatehouse's purchase option to November 2009 to accommodate a delay in construction. The project was originally supposed to begin construction last year but was then put off to 2010.
Another county-owned parcel was also supposed to be a complex of 175 apartments or condominiums and commercial space but RSC & Associates dropped those plans. RSC bought another parcel from the county with plans to build a 122-room Hyatt Place boutique hotel, a 102-room Hyatt Summerfield Suites extended-stay hotel, 105 apartments and 6,900 square feet of retail space but construction on that project has also been delayed because of the economy.
