The North End Phase II to Break Ground in February
The North End Phase II, 55-unit Apartment Building
Mandel Group will be moving forward with the second phase of The North End development project in February. Financing for the project was finalized as WHEDA completed the sale of $54.6 million of tax-exempt Midwest Disaster Area bonds. These funds will go to provide funding for The North End Phase II, as well as funding the “LightHorse | 4041” mixed-use development in Shorewood. Additionally, Mandel Group directly placed $7.75 million in tax-exempt bonds to complete the financing for the project. “This was one of the more involved financings we’ve completed thus far, indicative of the challenges with capital formation in the real estate space” commented David A. Pavela, Chief Financial Officer for Mandel Group, Inc.
The North End Phase II, 100-unit Apartment Building
This phase will add 155 apartments, 20% of which will be affordable units per the WHEDA financing agreement, new retail space, and numerous public infrastructure improvements. Richard W. Lincoln, senior vice president of Mandel Group, noted that “Significant investment by both the public sector and our development partnerships will add new streets, an extensive riverwalk and a new public meeting and entertainment square” to the North End development.
Good stuff!
@Dave Shires… Yeah The North End project is, to me, really exciting as they are literally building a new Milwaukee neighborhood, one building at a time.
Now this is quality neighborhood infill (yes, I’m talking to you, terrible new EIFS apartment building across the river).
I love that quality outdoor public space is being constructed in conjunction with the new building. Milwaukee needs to up its game when it comes to building urban space/places. This could be a step in the right direction. When you have the foresight to create well-defined space surrounded by density, it makes it that much easier to lure in successful retail tenants. I bet we see one to two restaurants in the spaces at the corner of Pleasant and Water when the building opens.
I know I’ve babbled about this stuff before, but man, if we can get that Kohls HQ downtown then this stuff will really take off… know anyone who works there? I’d love to know the vibe inside the company about who’s in favor, who’s stuck in the mud.
Man, if Milwaukee had trains I’d love this city a lot more than I already do. Can’t live in a place where I need a car to get around though.