Word On The Street (12.8.2007)
Get a daily rundown of the top stories on Urban Milwaukee
- St. John’s plans 20-story senior apartment tower. The building will be a welcome addition to the lakefront on Prospect Avenue. Move-in is expected to occur in late 2009 or early 2010.
- Haven’t heard word on this biodiesel refinery lately, is it under construction?
- UWM is unveiling a grad program in Freshwater Sciences
- Developer Robert Schultz has failed to repay a $230,00 loan accord to SHS Capital. Schultz helped develop the Teweles Seed Tower Apartments and the River Renaissance condos.
Categories:
I wouldn’t be entirely too happy about the St. John’s expansion. As I wrote in B-Street Scene in this month’s issue of The Brady Street News (www.bradyst.com), the tower would feature luxury tax-exempt housing. These units are not to be confused with nursing home, hospice, urgent care or convalescent living space. These are high-end units and are marketed to the same audience as other lakefront properties. The tax exemption is at the very least an indirect tax on the rest of us, and at worst is yet another subsidy for the wealthy. It also acts as a drag on private market-rate developers of taxable luxury units. Just ask Boris Gokhman.
Believe me, the assessors of Wisconsin’s municipalities consider this to be a genuine concern. Expect lawsuits.
On another topic, check out the concrete reclamation effort at the old Pfister & Vogel site. Super heavy duty industrial action with grinders, mashers, sifters, conveyor belts, rebar flying through the air. Excitement!
Horne