Property Lines - Scott Olson

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Real Estate & Retail

New rendering: Bank One Ops Center redevelopment

September 27, 2011

Bank One Ops Center renderingThe company charged with redeveloping the former Bank One Operations Center downtown is recruiting tenants for the mixed-use apartment and retail project. A flier from Milhaus Development shows a retail component of 40,000 square feet with asking rents between $18 and $20 per square foot. It also includes the rendering above. Suggested users include "brewery, restaurant, grocery, pharmacy, restaurant." The $30 million project has dragged on for more than three years as the developer, city and property owners tried to sort out financing, timing and valuation. A lawsuit brought in May by the principals of Kosene & Kosene Development, former partners of Milhaus principal Tadd Miller, added another wrinkle. The Kosenes alleged Miller took their money to launch the effort, then tried to cut them out of the city-supported deal. It wasn't clear when Milhaus plans to begin work on the project. Developers often begin marketing new space for lease before construction begins. Miller did not immediately return a phone message.

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