The Rhythm Gets Going
Apartment building will replace tavern and parking lot.
The Rhythm. Photo by Jack Fennimore.
The site of a new apartment building known as The Rhythm at 1632 N. Water St. is starting to take shape. Most of the hill, along with The Curve tavern, has been hacked away to make way for the new building as our photos show. We first reported on The Rhythm back in July of last year, but it wasn’t until April 8th of this year that site work began.
When finished, the building will rise seven stories and include a 140-unit mix of studio and one-bedroom apartments. Monthly rent is projected to range from $1,200 and $1,600. The building will also include a fitness center and clubhouse.
The project is a collaboration between Tim Gokhman, land owner and investor group leader Jim Wiechmann and architect Scott Kindness. Catalyst Construction is serving as the general contractor.
Gokhman is bullish on the neighborhood, noting “we do think that the proximity to the River Walk, Brady St, Downtown, and the construction of a grocery store across the street all create an opportunity for efficiently designed floor plans at an attractive price point in a dynamic and highly walkable location,” he says. The building is located across N. Water St. from the third phase of The North End.
Gokhman is also involved in the development of 1029 S. 1st St., an under-construction, three-building apartment complex, in Walker’s Point.
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All very nice new boxes for the neighborhood that are not available to lower income people.
This is not progress for Milwaukee at all.
@Tom Although this building doesn’t have affordable units, the North End just across the street does. And in this building’s case it is replacing a falling down building and adding to the taxbase. Seems like progress to me.
Good thing Mr Gokhman is Bullish on the area while his bank account grows and leaves out affordable housing for lower income people that too want to live in a nice place.
I am all for development but the city and the builders should be held to a standard that lower income people have nice places available also.
Only then will Milwaukee be a great city again.
Thank you for your time, Tom
They’re not going to build at a loss in the downtown area. Land is extremely expensive and no matter how much tax credits they get the would always be in the red. Not going to happen Tom Church.
I might sound like a dick but do we want lower income people living down there? Alot is riding on the success of downtown and we frankly don’t need poorer people mucking it all up like they have swaths of the rest of Milwaukee. Go ahead and call me a snob (I can’t afford to live in these expensive places either) but it’s the truth. We need more affluent yuppies and office jobs down there. A tax base that benefits the rest of the city.
Did alittle quick math and see that if 70 are studios and 70 are 1 bedrooms and the place is full of tenants. That’s $196,000 a month that place will pull in. Not to mention the rent they will get if a trendy restaurant was to open under it on steet level..
Poor people are not all bad people, just like any group of class it’s the worst offenders that get noticed.
Tom Church, Milwaukee actually has a plethora of subsidized housing downtown and in the east side, plus a lot more being built. In fact, the vacancy rate for those apartments is at an all time low right now. There are quite a few projects in this area alone that qualify. Just because some projects go out at all market rates is nothing to get worked up about. Not everyone can live in brand new shiny apartments.
In addition, whenever new apartments open up that creates an effect in the market place that opens other apartments at lower rents. It’s all intertwined.
Finally, @Joel, That might seem like a lot but you’re never going to have a completely full building so the income won’t be that high. Then consider taxes will be almost a million dollars a year by themselves, then tack on management costs, marketing, maintenance, debt service, etc and you’ll see these projects aren’t the slam dunk financially that some people assume based solely on rent income. Granted I’m sure Gokhman did his due diligence to make sure they’ll make enough profit.
@D, you do indeed sound like a snobby dick. The best neighborhoods are those that are a mix of people of many socioeconomic backgrounds.