Brady and Water Condo Project Moving Forward
First major downtown condominium project in a decade hopes to break ground in 2019.
Wangard Partners hopes to break ground in 2019 on the first phase of a 250 unit residential condominium development near the intersection of N. Water St. and E. Brady St.
The site, long occupied by Habhegger Wheel & Axle, has been vacant for nearly a decade, as long as the Milwaukee condominium market has been stalled.
The first phase, planned to include up to 70 units, would open in summer 2020. Unit prices are intended to be approximately $400 per square foot, making a 1,000 square foot unit $400,000.
“We’re very excited about Brady & Water because it will provide a great living experience that connects the urban lifestyle of one of the city’s most popular neighborhoods with the natural environment of the Milwaukee River,” said Wangard CEO Stewart Wangard in a statement.
The development would terrace down towards the Milwaukee River, allowing for a new riverwalk segment to be constructed near the river. Publicly accessible greenspace is also planned along the river. Private boat slips are planned for building residents.
The tallest building, to be built in a future phase, would rise 12 stories. Two shorter buildings would flank the tower. All would be built from poured concrete, designed to better insulate each unit.
Wangard has owned the site since 2012. The firm has been very active in the area, including developing the 1433 Water office building for Bader Rutter and developing and recently selling the Avenir apartments. The firm also allowed an option to lapse to develop an entire vacant block in the Park East. Milwaukee County has reopened bidding for the site. The firm also has plans for a new building at Freshwater Plaza.
In 2015 Wangard proposed building an 89-unit apartment complex on the site with approximately 6,600 square feet of commercial space. That project never moved forward. New Land Enterprises had also sought to redevelop the site as far back as 2005.
The new proposal, if built, would be the first condominium tower built since the Great Recession. Smaller condominium projects, such as Peter Renner‘s planned rowhouses in the Historic Third Ward and Ryan Konicek‘s five townhouses in Bay View have advanced since the Great Recession.
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