Mandel Group Receives $24 million of WHEDA financing for The North End Phase II (Renderings)
The Wisconsin Housing and Economic Development Authority (WHEDA) announced today that Mandel Group Inc. will receive $24.1 million in financing to support the development of the second phase of The North End in Milwaukee’s Park East Corridor. This phase will include two five-story apartment buildings with a total of 155 units, 31 of which will be dedicated workforce housing.
The building along the Milwaukee River will have 100 units, while the Pleasant St. building will include 55 units and approximately 2,300 square feet of retail fronting the corner plaza. Individual apartments will include features similar to those found in the first phase of The North End, such as patios, in unit washer and dryer, green space, a media room, and underground parking. Additionally, the project will finish off the first block of The North End development, by completing Milwaukee St., building a new street along the riverfront, and the construction of a new Riverwalk section.
Mandel Group is continuing to work with the City of Milwaukee to obtain an $8 million loan to complete the financing of the $38 million project. If able to obtain the appropriate approvals the plan is for a March 2011 ground breaking, and construction would take from 14 to 16 months.
Building(s): Portrait, Silhouette, The North End
Government: Wisconsin Housing and Economic Development Authority
Neighborhood(s): Lower East Side, Park East