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CHICAGO-There is a silver lining for Heartland Partners LP’s being forced to accept $3.55 million for a 150-acre site near Miller Park in Milwaukee. At least for their stockholders.

Heartland Partners’ board of managers will decide by mid-August whether to pay a $1 per share dividend in September to owners of 2.09 million shares. The company’s stock jumped nearly 9% recently on news of the possible dividend to $8.15 per share. Heartland Partners, organized by Chicago Milwaukee Corp. to handle its real estate holdings, last paid a dividend in 1998.

The Redevelopment Authority of the City of Milwaukee released Heartland Partners from environmental liability, says CEO Lawrence Adelson. He adds the company will get an appraisal and may seek further compensation for the property based on its results.

“The company has invested a great deal in this property over the years but its development had been stalemated by disputes with the city about the kind of project that should be there,” Adelson says.

While Heartland Partners envisioned a retail project for the land in the Meonomonee Valley off I-94, the city has long preferred to see it developed for industrial use, in hopes of creating higher-paying jobs that once could be found in the area.

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