MRC Beginnings
1973: Milwaukee Redevelopment Corporation (MRC) which was created in 1973 to provide private sector leadership and financial support to revitalize downtown Milwaukee. Established as a private organization with a board of directors comprising chief executive officers of major area corporations, the MRC raised $3 million in seed money in its first years of operation by selling stock to more than 40 Milwaukee-based firms.
1983: MRC reorganized as a nonprofit corporation with operating funds coming from membership dues rather than from the sale of stock. Any return from the MRC’s development partnerships has been reinvested in civic projects. The MRC worked closely with the city and county governments in its early days to promote economic development through catalytic real estate developments. It met with business and government leaders to identify priorities and to establish an agenda for downtown revitalization.
The MRC worked closely with the city and county governments in its early days to promote economic development through catalytic real estate developments. It met with business and government leaders to identify priorities and to establish an agenda for downtown revitalization.
The formula for development required a) MDC’s involvement in sponsoring planning studies, b) local government assistance with property acquisition and relocation, public improvements, and financing when required, and c) a private sector entity undertaking the development either alone or as a joint venture with MDC.
MDC’s highest development priority was initially identified as stabilizing the central retail district west of the Milwaukee River. No other part of the 700-acre downtown area had experienced as much economic and physical deterioration.
