An East Side High Rise in 2019?
Mandel announces plans to break ground on Prospect Ave. tower
The firm hopes to begin construction on Portfolio in the third quarter of next year. But that is all contingent on Mandel securing financing for the project at the project at 1350 N. Prospect Ave., as Corrinne Hess reported in the BizTimes. The plans for, and presumably the height of, the project have been reduced. Originally, Mandel planned for 235 apartment units spread over 24 floors, now the firm plans to develop 176 apartments. Mandel Group vice president Phillip Aiello told Hess that the changes are not due to demand, but the realities of financing high rise construction in Milwaukee. “High-rise developments have to be large to support the construction. And the larger the development, the higher the cost and the more equity you have to raise,” said the real estate veteran.
Good Hope Library Project Breaks Ground
This project is the latest in a series of new library developments and re-developments. The project on Good Hope Road will replace the Mill Road library branch. And like the projects that have come before it’s being developed as a mixed-use building. When finished, the new library will have 17,500 square feet of space with 65 affordable apartment above.
The $14 million project is being developed by Royal Capital Group and Maures Development. Work has been underway on the project for a few months.
Potential New $129.5 million building for UW-Milwaukee
UW-Milwaukee is seeking funds in the coming University of Wisconsin System budget proposal for a new chemistry building.
The proposed $129.5 million building would replace the current chemistry building. The existing building at 3210 N. Cramer St. was built in 1972. It would be more than 130,000 square feet with labs for undergraduate research and space for sharing specialized equipment, as Hess reported for the BizTimes.
Barrett Does Damage Control
Rick Barrett of Barrett Lo Visionary Development held a private meeting last week with the two county supervisors that mused, in a public meeting, about taking the site for The Couture away from Barrett Lo.
Supervisors Marcelia Nicholson and John Weishan, Jr. now appear to have changed their tune. After the meeting, Weishan was reported saying he thought he received an appropriate update on the project and was convinced Barrett Lo was working on it, according to an article in the BizTimes. The article quoted Barrett saying the county supervisor’s statements were “detrimental to the project.”
The proposed 44-story tower’s financing package is in limbo while Barrett’s firm waits to hear from the U.S. Department of Housing and Urban Development on its application for a loan guarantee.
In Other News:
- City Sells to Good City for a Loss
- Three New Historic Homes Near Columbia St. Mary’s
- Friday Photos Show Historic Redevelopment at 5th and National
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