Milwaukee Developer Rick Barrett Announces Moderne High-Rise Now Fully Leased
Only six condominiums in the 30-story Moderne remain available, exceeding planned pace
Milwaukee developer Rick Barrett of Barrett Visionary Development today announced that the 30-story Moderne high-rise building is now fully leased and only six condo units remain available for purchase. This announcement comes ahead of schedule and just three years after breaking ground on the tallest building west of the Milwaukee River.
“We are excited to announce this awesome milestone for our building and for downtown Milwaukee,” said Rick Barrett, developer, Barrett Visionary Development. “The success of this building highlights the desire for urban housing options in Milwaukee. The waitlist for individuals wanting properties at the Moderne continues to grow.”
Currently, leases have been signed for 187 of the 203 apartment units at the building – exceeding the 92% occupancy considered full capacity as defined by financial underwriting. There are only a handful of apartments remaining available, which are anticipated to be rented by June.
The project was funded, in part, through a $42.4 million loan guaranty by the U.S. Department of Housing and Urban Development, which also backed loans by the AFL-CIO Housing Investment Trust and other investors processed through Berkadia Commercial Mortgage, subsidiary of Berkshire Hathaway.
“We’re pleased that the Moderne project in Milwaukee has proven to be such an enormous success,” said Antonio Riley, Region V Administrator for the US Department of Housing and Urban Development. “This building undoubtedly adds to Milwaukee’s skyline and also provides significant value to individuals looking for an exciting and contemporary place to live, work and play.
The City of Milwaukee also played a key role in the project’s success by providing a $9.3 million loan. Today, the former parking lot site generates more than $1.2 million in annual property tax.
“We thank the Mayor, DCD Commissioner and Common Council for their vision and courage in supporting this project,” said Barrett. “Their leadership helped make this project possible – creating millions in new tax base for the city and generating new vibrancy in the Park East.”
Located on the southwest corner of Old World 3rd St. and Juneau Ave. in the Park East, the Moderne has had significant impact not only on the city’s skyline, but also on overall development in the Park East corridor by creating market-rate housing downtown, providing direct revenue to the city, and creating significant, well-paying construction jobs.
The Moderne includes 203 market-rate rental units on its first 27 floors, in addition to fourteen condominiums on its upper flowers. The ground level includes over 7,000 square feet of commercial and retail space, including Carson’s Ribs, as well as above-grade parking.
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