Dave Reid

Mandel Group Receives $24 million of WHEDA financing for The North End Phase II (Renderings)

By - Dec 2nd, 2010 07:05 pm
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100-unit Apartment Building

The Wisconsin Housing and Economic Development Authority (WHEDA) announced today that Mandel Group Inc. will receive $24.1 million in financing to support the development of the second phase of The North End in Milwaukee’s Park East Corridor.   This phase will include two five-story apartment buildings with a total of 155 units, 31 of which will be dedicated workforce housing.

The building along the Milwaukee River will have 100 units, while the Pleasant St. building will include 55 units and approximately 2,300 square feet of retail fronting the corner plaza. Individual apartments will include features similar to those found in the first phase of The North End, such as patios, in unit washer and dryer, green space, a media room, and underground parking.  Additionally, the project will finish off the first block of The North End development, by completing Milwaukee St., building a new street along the riverfront, and the construction of a new Riverwalk section.

Mandel Group is continuing to work with the City of Milwaukee to obtain an $8 million loan to complete the financing of the $38 million project. If able to obtain the appropriate approvals the plan is for a March 2011 ground breaking, and construction would take from 14 to 16 months.

Categories: Real Estate

13 thoughts on “Mandel Group Receives $24 million of WHEDA financing for The North End Phase II (Renderings)”

  1. Ben says:

    This is terribly exciting. I hope all continues according to plan.

    Has anyone heard anything about the Moderne?

  2. Danny says:

    I agree. @Ben supposed to have a December groundbreaking, but no exact date.

  3. Jeff Jordan says:

    Some people know how to do this kind of project in a down market and some don’t. Mandel seems to be able to pull this kind of project off. Do we know what the price points are on the units?

  4. Dave Reid says:

    @Ben @Danny Sorry as of yet we don’t have much of an update on the Moderne…

  5. Dave Reid says:

    @Jeff, There sill I was to go before this project can move forward, but if anyone can get it done Mandel Group can. I’m not sure the rental prices are set yet, but likely on the upper end much like the One.

  6. Chris says:

    This will be welcome density along the Park East Corridor — and a nice design to boot.

    The Moderne is in fact moving ahead, likely to break ground this month.

  7. Scott says:

    Agreed. Let’s hope the City financing piece doesn’t hold things up unnecessarily. Someone (JSO, Business Journal) reported recently (via a open records request?) on the lengthy back-and-forth between Mandel and Marcoux on the project. Feels like something yet unwritten (untoward?) has been holding up the process.

    If the Moderne delays go on much longer, their downtown apartment market will find itself saturated (much like their former all-condo plan did). That would be a shame.

  8. Dave Reid says:

    For those asking about The Moderne Tom Daykin has an update “Moderne high-rise project seeks city street work permit” http://bit.ly/i9JI35

  9. Steven Schrab says:

    I’m all for any project that continues the Riverwalk. Also, I love the look of the North End. Good asset to the city.

    What is meant by 31 workforce housing? Is that for people that work at the North End? Management and Maintenance sort of thing?

  10. Dave Reid says:

    @Steven No workforce housing is units that we only be rented out to people making 60% or less of the area’s median income.

  11. Jerad T. says:

    So if I’m looking at the renderings correctly…Milwaukee St. will continue straight to the river and then 90 degrees to connect with Pleasant St.?

    Love everything about the project, just wondering if the new street along the river is necessary. Why not create a more pedestrian friendly environment? Or perhaps the building will need it for access to the underground parking?

    Overall, it’s awesome.

  12. Dave Reid says:

    @Jerad T. I think the street is to give access to the units. It won’t be a large street so I think the pedestrian environment will be fine.

  13. Dave Reid says:

    UPDATE As Tom Daykin points out in his follow up article http://www.jsonline.com/blogs/business/111459324.html this is not a loan from WHEDA… just to clarify.

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