Thursday, August 13, 2009

In the News: Cudahy's move could aid UWM

Philanthropist and retired business executive Michael Cudahy has paid $1 million for the lease on the former Pieces of Eight restaurant property, another step in the effort to turn the lakefront site over to the University of Wisconsin-Milwaukee.

UWM wants to build a water research facility on the site, seen by economic development leaders as a key part of plans to boost water research and industries in the Milwaukee area.

Cudahy said Monday that he bought Specialty Restaurants of Wisconsin Inc., which holds the lease on the former restaurant property, owned by the City of Milwaukee.

Cudahy plans to donate the lease to UWM if city officials approve the university's proposal for a School of Freshwater Sciences building at the restaurant site.

That proposal is pending before the city Board of Harbor Commissioners, which is to meet Aug. 13. The board is to make a recommendation to the Common Council on whether the lease, set to expire in 2018, should be extended to accommodate UWM.

To read entire article, go to Milwaukee Journal Sentinel.