18-Story Tower on River Proposed
57-unit apartment tower would replace 1880s-era, two-story building on Wells St.
Greenfield developer Jason Ladner is proposing to build an 18-story, mixed-use building in a small site located on the east side of the Milwaukee River. The building would have 57 apartments, office space and a first-floor restaurant and event space at 107 E. Wells St. Ladner hopes to open the building in Spring 2017.
The tower has an anticipated cost of $17 million. Construction on the project is anticipated to start this year according to Ladner. Korb + Associates Architects, led by Jason Korb, is serving as the architect on the project. Catalyst Construction will handle the general construction.
The proposed tower would include 23 parking spaces and a number of value-added features for tenants. These include floor-to-ceiling windows, direct entry to units from the elevator, an automated, 24-hour convenience store, and a built-in automation system with energy management features. The building’s creators aim to get a Leadership in Energy and Environmental Design (LEED) certification.
Rents on the apartments are expected to range from $2,500 to $2,800 a month. Approximately 5,000 square-feet of office space will be located on the second and third floors, with the apartments starting on the fourth floor.
The site is currently occupied by a two-story, brick building originally built in 1883 according to city records. The 8,014 square-foot building on the south side of Wells St. includes a second-floor office space and a first-floor restaurant space currently home to China Gourmet‘s patio. It is assessed at $345,000 and has been on the market since 2012. It is currently owned by Taxmen Investment Co.
Collier’s International’s Cory Sovine, who marketed the current building, is listing the proposed building’s 3,500 square-feet restaurant space. Ladner is expected to close on the property in March.
The development will require city approval. Korb hopes to be able to bring the project before the City Plan Commission for their regularly scheduled meeting on February 15th.