Milwaukee’s Most Valuable Condominiums
Downtown residential high rises are among the city's most valuable buildings.
Last week we brought you a report on Milwaukee’s most valuable properties by assessed value. But that report excluded a key building type – condominium developments with multiple owners.
Apartment complexes like 7Seventy7 appeared in the top 10 because a single company owns the entire complex. But what about when the units are individually owned instead of rented?
A number of condominium towers are among the most valuable properties in the city if each unit in the structure is included. They don’t get a single property tax bill, but condominium complexes are huge revenue generators for local government.
Here are the five most valuable condominium complexes. Next week we’ll look at the value of entire aldermanic districts.
Kilbourn Tower
923 E. Kilbourn Ave. – $62.6 Million – Average Unit Value: $857,959
Kilbourn Tower. Photo by Jeramey Jannene.
The 33-story Kilbourn Tower opened in 2005 and would undoubtedly rank higher on this list if it was larger. With 73 residential units, it has the second-highest average unit value of any property. Originally developed by New Land Enterprises, the project was finished by Fiduciary Real Estate Development. If real estate is all about location, this building is well situated. It’s next door to number one on the list. The most valuable unit is assessed at $4.2 million, the least at $329,500.
The Point on the River
106 W. Seeboth St. – $70.6 Million – Average Unit Value: $470,640
The Pointe on the River in 2011. Photo by Jeramey Jannene.
Once subject to a developer bankruptcy, The Point on the River has bounced back to become one of the most valuable properties in the city. The 12-story complex, developed in part from a 1927 cold storage building, has great views of the Milwaukee River, Historic Third Ward and downtown skyline. It’s the lone building on the list with commercial tenants, the most notable being the restaurant Screaming Tuna. The first of the 150 residential units were available in 2006. The most valuable unit is assessed at $1.88 million, the least at $197,400.
Landmark on the Lake
1660 N. Prospect Ave. – $73.1 Million – Average Unit Value: $247,790
Landmark on the Lake in 2010. Photo by Jeramey Jannene.
The oldest building on the list, Landmark on the Lake was completed in 1991, but converted to condominiums starting in 2006. The 27-story building, situated at the east end of E. Brady St., has an outdoor patio overlooking Lake Michigan and an indoor pool. With 266 residential units, it appears on the list because of scale, not averaged assessed value. The most valuable unit is assessed at $638,000, the least at $140,800.
BreakWater Condominiums
1313 N. Franklin Pl. – $76.1 Million – Average Unit Value: $753,780
Breakwater Condominiums, 1313 N. Franklin Pl. Photo courtesy of Corley Real Estate.
Completed in 2009, the BreakWater Condominiums is perhaps best known for the 12-by-18-foot decks that adorn each unit. Developed by Peter Renner, the building has 101 residential units. The most valuable one is assessed at $1.96 million, the least at $288,500.
University Club Tower
825 N. Prospect Ave. – $92.5 Million – Average Unit Value: $1.81 Million
University Club Tower (center) and Milwaukee’s lakefront in 2011. Photo by Jeramey Jannene.
Viewed as a single entity, the city’s most valuable condo complex would be the fifth most valuable property in the city. Developed by the Mandel Group and designed by Skidmore, Owings and Merrill, the 36-story building opened in 2007. It’s 51 residential units are occupied by a number of high-powered executives, including its developer, Barry Mandel. The most valuable unit is assessed at $4.4 million, the least at $886,400.
Values in this column reflect those issued by the Assessor’s Office in early 2020, before any appeals. To qualify, each of the units needed to have the same street address.
Combining attached buildings, such as the case of Hansen’s Landing and the Harbor Front, would yield a new number one, with the Renner-developed properties having an assessed value of just over $100 million.
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I think you missed the Harborfront/Hansen’s Landing condos. They are one entity
@JmcD – We did not treat them as a single entity because they have different addresses, different names and were built at different times. Individually, they are seventh and eighth on the list (The Moderne, if condos and apartments are combined is sixth). Combined they would be worth just over $100 million.
Jeramey, Just so you know, they in fact are a single entity. The association governs both buildings. They were built sequentially and continuously.