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Park East developers miss second deadline, but expect success. (TCR/MRC Joint Venture misses financing deadline for construction of apartment buildings)

The Business Journal-Milwaukee

| August 06, 1990 | Foran, Chris | COPYRIGHT 1985 Business Journal of Milwaukee, Inc. (Hide copyright information)Copyright

Park East developers miss second deadline, but expect success

The developers of the Park East corridor project last week struck out against their second financing deadline in eight months, but they're confident that their third shot at the $85.3 million apartment complex will produce a hit.

Last week, a July 31 deadline to start construction on the project sailed by without the co-developers, Trammell Crow Residential Inc. and Milwaukee Redevelopment Corp., securing the necessary financing. By missing the deadline, TCR/MRC Joint Venture is in technical default on its development agreement with Milwaukee County, which controls the 20-acre site north of downtown. …

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