Mandel Group Closed Financing | Starts DoMUS Apartments
Building fronts over 400 feet of Milwaukee Riverwalk in Historic Third Ward
MILWAUKEE, WI | Milwaukee‐based developer Mandel Group, Inc. announced that it has closed its financing for the long‐awaited DoMUS apartment development in the Historic Third Ward. The 132‐unit, six‐story apartment community will begin construction immediately. Occupancy is expected to occur in mid‐2017.
“This has been a long time coming however we feel that it has been worth the wait” commented Robert B. Monnat, Partner and Chief Operating Officer of Mandel Group, Inc. “The renderings of the completed project show a building that has been carefully considered and that responds incredibly well to the advantages this site offers.”
DoMUS will feature two penthouse floors with oversized floorplans intended to attract empty nesters who have been substantially underserved by the current wave of apartment building. “Every week we hear from prospective residents in their 50’s, 60’s and 70’s wanting a high quality living experience in a generously sized apartment home,” Monnat explained. “Unfortunately, the development that’s been occurring to date is focused on smaller floorplans that are geared toward millennials. We’ve essentially bifurcated the building and have created a unique opportunity for empty nesters on the top two floors.”
The project will feature a full range of enhancements including indoor heated parking, building‐wide access control and video surveillance systems, private balconies and resident amenity spaces. Included in the amenities are an expansive fitness facility overlooking the Riverwalk, a fully appointed social lounge with outdoor terrace, a pet grooming studio and bike repair shop. Mandel is in discussions with a personal training studio to occupy 4,000 square feet of the ground floor. “The personal training offering will be dovetailed with a one‐of‐a‐kind fitness center to cater to residents’ focus on health and wellness” Monnat added.
The building will be constructed by CD Smith, one of Milwaukee’s most active general contractors. Past projects completed by CD Smith include the adjoining Hansen’s Landing and Harborfront condominiums, Breakwater Condominiums, the Global Water Center and the nearly‐completed Kimpton Hotel on Broadway in the Third Ward.
“We’ve timed construction so that a bulk of the excavation and piling work occurs during the winter” explained Andy Wiegman, Vice President of Development & Construction for Mandel Group. “This will also allow us to deliver completed units in the late spring of 2017, when traffic for new apartments peaks in Milwaukee.”
Mandel’s two adjoining apartment communities, Gaslight Lofts and Corcoran Lofts, are 96% occupied, Wiegman explained. “For a long time we’ve wanted to supplement our current inventory in the Third Ward and in particular dedicate a portion of our offering specifically to an older demographic” Wiegman added. “The level of finishes, design of apartment homes and the overall presentation of the property will really outshine the
type of finishes people expect today. We’re looking forward to setting a new standard for luxury apartments that meets the expectations of people coming out of higher‐end single family homes.” Mandel has used a similar approach on its developments recently completed in Shorewood, Whitefish Bay and Brookfield.
The name “DoMUS” is a loose derivative of a term used to describe luxury homes in ancient Rome. In more dense, desirable areas of Rome wealthy owners found that they could only build “up” versus “out” to satisfy their needs. For the past 60 years the DoMUS site has been used as a 164‐stall surface parking lot. Prior to that time it was an ancillary parcel associated with the Third Ward’s manufactured gas plant, which was located on the property where Gaslight and Corcoran Lofts are built today. DoMUS Apartments is designed by HGA Architects and Engineers, whose offices are located next door to the DoMUS site. Financing for the project is led by Anchor Bank, fsb.
About Mandel Group: Mandel Group, Inc. is a national award‐winning builder and developer headquartered in Milwaukee. Founded in 1991, Mandel Group has developed or transacted over $1 billion of residential and commercial real estate development. Among its Milwaukee‐area developments are East Pointe, a 9‐block redevelopment of a vacant freeway corridor north of Milwaukee’s CBD; University Club Tower, a 36 story, $100+ million high rise luxury condominium tower on Milwaukee’s lakefront; and The North End, a 650‐unit, $175+ million reinvestment in downtown Milwaukee incorporating the city’s first Fresh Thyme Farmers Market store. The firm has acquired and repositioned over 3,000 units of multifamily housing in the Midwest.
Mentioned in This Press Release
Recent Press Releases by Mandel Group
Sales Prices Exceeding List Prices | All-‐Cash Transactions Suggest Market Strength
Brisk Sales Activity Offset by Stubborn Valuations
The riverfront development is comprised of two structures.