Jeramey Jannene

Apartment Development is Strong in Milwaukee

By - Oct 22nd, 2009 03:07 pm
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Regardless of what neighborhood it is, the development of new apartments is a growing trend in Milwaukee.  Currently there are two prominent projects vying for City of Milwaukee financial support in one form or another, the Bookends and The Moderne. Outside of the two proposed towers there are numerous other projects at various stages around urban Milwaukee.

Wangard Properties (Proposed)

The most recently announced of any of the projects.  Tom Daykin reported yesterday that Wangard Properties intends to build an apartment building next to the Highbridge Condominiums (developed by New Land Enterprises) on N. Water St/E. Kane St.  The proposed building would likely include no more than 88 units.

Latitude Apartments (Under Construction)

Originally a project of New Land Enterprises, the Latitude Apartments won full zoning approval from the Milwaukee Common Council in December 2008 and was sold to Dermond Property Investments for $2.1 million in January 2009.  The project is located at the intersection of Kenilworth Ave and Farwell Ave just across from the Kenilworth Square Apartments.  Construction is in full swing now.  When finished the $13 million project will feature 90 units, and 7,500 square feet of street-level retail.  The units are broken down into 71 one-bedroom units and 19 studios.  Units range in size from 650 to 1,000 square feet.  The project includes 90 underground parking spaces, with 13 reserved for retail tenants.  Direct access to the Oak Leaf Trail is a unique aspect of the project.

Jackson Square Apartments (Under Construction)

Under construction in the Third Ward is Robert Joseph’s 81-unit Jackson Square Apartments.  When finished the project will feature 100+ underground parking stalls, and 9,000 square feet of retail space.  Rents will range from $800 to $1,600 with units split between one and two bedrooms.

Corcoran Lofts (Under Construction)

The Corcoran Lofts are under construction on Corcoran Avenue in the Third Ward and are on pace to open in the spring of 2010.  A Mandel Group development, the six-story development will include 76 units and 3,400 square feet of retail space.  The building will connect to Mandel’s 138-unit Gaslight Lofts, which will allow Corcoran residents to take advantage of Gaslight Lofts amenities such as the fitness center.  It will also allow the operating staff at the Gaslight Lofts to serve the new building. Rents will range from about $900 to $1,500.  The first two floors of the building are largely all parking, with the apartments being confined to the upper four floors. Urban Milwaukee has extensively photographed the development of this project, visible in our Friday Photos feature.

The North End ONE (Open)

ONE, the first building in the “neighborhood by design” development has been a resounding success in terms of apartment occupancy so far.  Having opened in the late spring of this year, the 83-unit Mandel Group development is within a couple units of being completely leased.  On a positive note for Milwaukee, Richard Lincoln of the Mandel Group estimates that 75% of the residents have moved to the building from outside of the city.  Mandel has a letter of intent for 3,000 of the 12,000 square feet of first floor retail space.  The next building built in the North End is likely to feature apartments as opposed to condos as well.  Mandel hopes to break ground on that building in 2010. Urban Milwaukee took a tour of the building while construction was finishing.

Bridgeview (Open)

A former warehouse turned apartment building by Lighthouse Development, the 55-unit Bridgeview is part of the South Water Works development just south of the Third Ward in Walker’s Point.  One and two-bedroom units with prices ranging from $900 to $1,800.  The five-story building that was once home to Pittsburgh Plate Glass (PPG) is 85% leased and over 75% occupied. Urban Milwaukee took a tour of the building when it was under construction.

Blue Ribbon Lofts (Open)

The former Pabst Brewing Keg House is now home to 95 units by way of Gorman and Company Inc.  A big piece of the conversion of the Pabst Brewing Complex into The Brewery.  Targeted towards the creative class, the building features a music studio, artists’ workspaces and galleries, a fully equipped business center and conference rooms, a theater/presentation space and a fitness center.  Of the 95 units, 69 are available under affordable rent tax credits thanks to tax credits from WHEDA to support the project’s development.  The total project cost was $16.2 million.

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3 thoughts on “Apartment Development is Strong in Milwaukee”

  1. Property says:

    I’m glad that you have presented this information on property investments. My husband and I are planning on getting into real estate because we need some way to make money while he is going to school.

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