Dave Reid

City Loan for the North End Phase II Recommended for Approval at Committee

By - Jul 20th, 2011 02:21 pm
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The North End Phase II

The North End Phase II

At yesterday’s meeting of the Zoning, Neighborhoods and Development Committee meeting Mandel Group’s efforts to acquire financing for the next phase of The North End were recommended for approval. The $4.6 million city loan was approved as part of the second amendment to the Park East TID No 48 has a term of 18 years and a 5.5% fixed interest rate. The second phase will include two buildings, a 55-unit building and a 100-unit building, both one-story taller than the previous buildings. The 55-unit apartment building will complete the block face along Pleasant St. and frame a new public square. The 100-unit building will be constructed along a new street that will run along the Milwaukee River. As the project is being partially funded by WHEDA with $26.18 million (was originally $24 million) in variable rate tax-exempt bonds 80% of the apartments will be offered at market rates while 20% will be reserved as affordable housing units. Additionally, $2.2 million of previously approved TIF funds will be used during this phase to construct the dockwall, the riverwalk, a public square, and a new street. This file will now go before the full Common Council for approval

Tom Daykin has an article on the approval as well, City Loan for North End Phase II Recommended for Approval at committee.

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4 thoughts on “City Loan for the North End Phase II Recommended for Approval at Committee”

  1. Billy says:

    bring back friday photo fridays!!

  2. Dave Reid says:

    @Billy we’ve been doing Friday Photos… umm how do you subscribe to UM?

  3. Peter Zanghi says:

    the only thing I’m not a real big fan of with this project is that there will be a street along the river instead of the buildings being right up against it. other than that, I’m glad this is moving along, and I hope it won’t be too many years before the third phase starts.

  4. Dave Reid says:

    @Peter I wasn’t sure what to think about that either… But I think it might actually be better. There are parts of the riverwalk where the building designs make you feel like your walking on someone’s private space, instead of a public space. This design will definitely feel public… That said I know what you’re saying so I guess we’ll see how it goes.

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