The Cap Times, May 20, 2011
Remember Gary Gorman, the Madison area developer who envisioned a major housing project across from Breese Stevens Field but could not reach an agreement with the city for financing help?
After that fiasco, Gorman turned his attention to other markets and has been working hard in southeast Wisconsin.
Now, Gorman has worked a deal to attract Chinese investment dollars through a federal immigration program that offers green cards to foreign citizens who invest in projects that create at least 10 U.S. jobs.
Gorman told the Business Journal of commitments from investors in China to finance $15 million of the estimated $18.8 million for a 90-room hotel project at The Brewery, the former Pabst Brewing Co. site in downtown Milwaukee.
Plans call for restoring two buildings for an extended-stay hotel that could include a first-floor beer hall or museum.
Gorman says the search for financing of the Pabst hotel project sent him to China four times in the past six months. He says many U.S. banks have simply stopped lending for real estate projects.
“I wouldn’t do it if there was money available in U.S. banks,” Gorman told the Business Journal.
Makes you wonder how financing is coming for the redevelopment of Madison’s Edgewater hotel?