The Rewards of Environmentalism

Here's an interesting story from the Milwaukee Journal-Sentinel. The Milwaukee River used to be not much more than an open sewer, and while a separate J-S article makes it clear that there's still work to be done, the concerted effort over the past twenty years to clean up the river after decades of abuse is starting to pay off financially.

The total fair market value of riverfront properties between North Ave. and the Milwaukee harbor increased by nearly 150% from 2001 through 2013, according to a review of city assessment records. That added more than $520 million in value, with more than half of that amount coming from condos.

During the same period, the total value of all Milwaukee properties increased by 44%.

Developers and investors have been attracted by a cleaner river tied to new public improvements — including the RiverWalk, pedestrian bridges, streets and green space. That's helped spur additional downtown development, especially as more residents create demand for restaurants, stores and other retail businesses.

While new housing continues to be developed throughout downtown, the river remains a key driver of investment.

And there are still abandoned industrial properties that could be cleaned up and repurposed as commercial residential properties -- made possible because the river no longer smells like a tannery.

http://www.jsonline.com/news/milwaukee/riverwalk-condo-developments-transformed-milwaukee-riverfront-b9948754z1-262244291.html