The Bookends Development is Sent Back to Committee » Urban Milwaukee
Dave Reid

The Bookends Development is Sent Back to Committee

By - Dec 2nd, 2009 09:22 am
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Bookends

Bookends

At the December 1st, 2009 meeting of the Milwaukee Common Council the Cooperation and Development Agreement for the Bookends development was sent back to the Zoning, Neighborhoods & Development Committee.  The agreement would of authorized a $3.45 million loan guarantee from the City of Milwaukee to the development team, of New Land Enterprises and Weichman Enterprises, for the Bookends apartment development.  The apartment building would be located at 700 E. Kilbourn Ave. include 224 luxury apartments, 294 parking spots, and 3,000 square feet of retail space.  The agreement was contingent on receiving another loan guarantee for the majority of the construction costs of $51.75 million from the U.S. Department of Housing and Urban Development.

Prior to the last Zoning, Neighborhoods & Development Committee meeting HUD had denied the request for the loan guarantee that the development team had been seeking, but the committee moved the project forward and approved the city loan guarantee with the intent to encourage HUD to approve the development team’s appeal.  Last week HUD held a followup meeting with the development team, and members of the Department of City Development to re-evaluate the project.  Speaking about this meeting Alderman Jim Witkowiak said “the developer had an excellent meeting, as I understand, with HUD relative to the loan guarantee package.”  He went on to explain that the developer will be setting up meeting with Comptroller to go over the details of the term sheet.  He added that, “I think at sometime in the future it could exit committee with a 5-0 vote.”

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Categories: Real Estate

6 thoughts on “The Bookends Development is Sent Back to Committee”

  1. EWO says:

    Mixed feelings. YAY! something might be built, that means at lease someone somewhere has work, but a HUD loan? Really? Granted, I dont know all the details of the project, but It seems like its targeted towards wealthy condo buyers. I feel that any Gov. loan could do better if it backed projects aimed at fixed foreclosure problems. Particularly at providing housing for lower income brackets. People who can afford the $300k condos on the east side dont need government help. People who are loosing their $150k house to foreclosure need a $60 house to live in.

  2. Dave Reid says:

    @EWO Couple of things. First, the Bookends is an apartment building not a condo development. Second, the HUD role is in the form of a loan guarantee the loan is actually backed by the AFL-CIO pension funds (I should of made that more clear). That said it is targeted at the very high-end of the market, and I’m still not thrilled with the design but new density, and tax base is a good thing.

  3. Nick Aster says:

    I’m happy to see more apartments downtown, but does this have to be build immediately adjacent to Yankee Hill? I think tall buildings should be spaced out a bit, to allow for views, and to allow for light to reach the street…. the placement of this doesn’t seem to be very well thought out.

  4. Dave Reid says:

    @Nick Well it is the land that New Land owns, that said I’m a believer that buildings should be built on the property line in an urban environment, but I do hear you as it will definitely change my view.

  5. John says:

    I’m in favor of these apartments, but i do wish the architects could go back to the drawing board and at least try to make the building look more appealing. That the breakwater looks the way it does is shameful enough. Milwaukee doesn’t need any more ugly high rises (or parking structures for that matter).

  6. Dave Reid says:

    @John I agree they could certainly of designed a nicer building.

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