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Opus/Mercy Housing Team Wins Nod for $60M Mixed-Use Project in Park East District

8 Aug 2013, 6:19 pm







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by Adriana Pop, Associate Editor


A joint venture of Opus Development Co. L.L.C. and Mercy Housing Lakefront has won the competition to build a $60 million mixed-use project on a county-owned site in the Park East corridor, The Business Journal reported.

The Milwaukee County Board of Supervisors picked their proposal from three finalists that also included Wangard Partners Inc. of Milwaukee and Waukesha-based HSI Properties L.L.C.

County supervisors awarded the Opus/Mercy team an option to buy the parcel, which is located south of North Water St. between North Broadway and North Milwaukee St., for $2.5 million.

Opus and Mercy are eyeing a fall 2014 construction start. Their plans call for three linked structures (pictured) that would encompass 190 apartments, 33,000 square feet of retail, 21,000 square feet of office space and 340 interior parking spaces. Korb Tredo Architects is the project’s designer.

The development is expected to create 100 construction jobs and 100 full-time jobs, and generate between $750,000 and $1 million in annual property tax revenue.

In other development news, BizTimes reports that HSI Properties L.L.C. has kicked off construction of The Standard at East Library, a $19 million mixed-use project on the site of the old library at 1910 E. North Ave. on Milwaukee’s East Side.

Designed by Engberg Anderson Architects, the five-story building will feature 99 market-rate apartments, a 16,000-square-foot gray box space for the East Milwaukee Library, as well as 2,400 square feet of retail space. Completion is slated for late 2014.

 

Rendering: Korb Tredo Architects 



Trio of M-F Projects Awaits City Approval

20 Jul 2013, 9:22 pm

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by Adriana Pop, Associate Editor

Three proposed multi-family projects await a final decision from the Milwaukee Common Council, which is scheduled to consider them on July 23. Totaling 229 units, the developments were recently approved by city’s Zoning, Neighborhoods and Development Committee, The Business Journal reports.

Milwaukee-based HD Development Group is proposing the largest of the three, a 122-unit, market-rate complex located on a 1.9-acre vacant lot near the Milwaukee River at North Humboldt and East North avenues.

Wisconsin Lutheran College is planning to build 54 market rate units on West Wisconsin Ave. to serve the institution’s growing enrollment. Designed by Eppstein Uhen Architects, Inc., the $6.4-million, six-story structure (at right) would replace four smaller apartment buildings the college owns between North 89th and North 90th streets.

The third development would bring 53 affordable rental units to a site at North Holton and East Brown streets in the Brewers Hill neighborhood. Proposed by locally-based Vangard Development Group L.L.C., the four-story project would draw on state low-income housing tax credits.

Photo credits: www.eua.com

 



Blue Ribbon Plans Offices, Student Housing in Downtown Milwaukee

8 Jul 2013, 3:17 pm

by Adriana Pop, Associate Editor

Construction is about to begin on two developments in Downtown Milwaukee. According to BizTimes, Blue Ribbon Management L.L.C. is planning to develop a five-story office facility and an apartment building for international college students on the site of the former Pabst brewery.

Blue Ribbon CEO Tom Gehl told the newspaper that the office project is expected to break ground in August and to be complete in about a year. The 73,100-square-foot building will rise on a vacant lot northeast of North 11th Street and Juneau Avenue. Plans call for 42,000 square feet of office space and two floors of interior parking.

The student housing facility, known as International House, will  emerge as the redevelopment of the 240,000-square-foot former Bottling House, which is located north of Highland Avenue between 9th and 10th Streets.

The building will accommodate up to 450 students and will include an area on the first floor dedicated to instruction in English as a second language.

For the office project, Blue Ribbon Management has obtained funding from EB-5, the  federal program that provides green cards to foreign investors that invest in job-creating projects. Blue Ribbon expects the approval of similar financing for the student housing facility.

In regional news, BizTimes reports that Cincinnati-based Phillips Edison has acquired the Glenwood Crossings shopping center in Kenosha from Northbrook, Ill.-based Cloverleaf Group. The property traded in an off-market transaction for $12.85 million, or $146.85 per square foot.

Built in 1990, the 87,504-square-foot property is located on a 10-acre site southwest of 18th Street and 30th Avenue on the north side of the city. A Pick ‘n Save grocery store is the center’s anchor tenant.

“We’ve had a good experience in Kenosha,” Michael Basofin, president of Cloverleaf Group said. “I can tell you Pick ‘n Save does very well there. Because of that, it’s an attractive place for stores to locate.”



Vetter Denk Details Planned Appleton M-F Complex; HSA Commercial Buys Brookfield Retail Center

25 May 2013, 9:01 pm


by Adriana Pop, Associate Editor

Vetter Denk Architects Inc., a Milwaukee-based design and development company, recently offered details of its proposal to build 180 apartments in Appleton, the Appleton Post Crescent reports.

The complex would consist of 136 market-rate apartments, 20 affordable units and 24 luxury apartments, as well as 240 underground and off-street parking spaces. Vetter Denk’s plan calls for five three-story buildings on an 8.3-acre riverfront parcel, previously the location of a dairy plant that closed a decade ago.

If approved, the project is expected to break ground late this year. Vetter Denk has selected Oshkosh-based Ganther Construction to serve as general contractor. Estimated development costs range between $15 million and $25 million.

“Our focus and love is creating neighborhoods and long-term community value that is pedestrian oriented,” co-founder John Vetter told the newspaper. “Our firm has taken an interest in post-industrial towns that grew up around these mills and connecting the area back with nature.”

HSA Commercial broke ground in April on the $46 million first phase of The Mayfair Collection, an adaptive reuse project in Wauwatosa. A spring 2014 opening is planned. (Rendering: HSA Commercial)

In retail news, HSA Commercial Real Estate of Chicago has agreed to buy Plaza 173 in  Brookfield from Wells Fargo. According to The Business Journal, HSA expects to close on the deal in June. Wells Fargo acquired the property for $4.8 million in a foreclosure auction last year.

Located at the corner of Blue Mound and North Calhoun roads, the 10-acre center includes Dunham’s Sports, Men’s Warehouse and Famous Footwear among its tenants. Mid-America Real Estate-Wisconsin L.L.C. handles leasing for the property.

HSA’s recent retail activities also include the start of  construction last month on The Mayfair Collection, a $46 million project in Wauwatosa (pictured). City officials have long targeted the former industrial site along Highway 45 for redevelopment.

HSA will transform warehouses into about 237,000 square feet of retail, and add another 33,000 square feet of newly constructed space, the Business Journal reported. So far Dick’s Sporting Goods, Ulta and Nordstrom Rack have committed to lease space at the project. Phase one is scheduled to open in spring 2014.



Irgens Seeks Tax-Increment Financing for 833 E. Michigan Tower

11 May 2013, 6:01 pm

by Adriana Pop, Associate Editor


Irgens is pursuing $12 million in tax-increment financing for its proposed $100 million office tower in Downtown Milwaukee. The developer plans to move its corporate headquarters from the Milwaukee County Research Park in Wauwatosa to the 17-story, 357,000-square-foot structure at 833 East Michigan Street according to BizTimes.

So far, the project’s pre-committed space totals approximately 155,000 square feet, including leases to the Godfrey & Kahn law firm and two unnamed tenants. “We’re pre-leasing the building to 50 percent to get financing,” said Mark Irgens, the company’s CEO & president.

Designed by Milwaukee-based architectural firm Kahler Slater, the tower will be located on the current site of the U.S. Bank Center’s parking garage. Irgens is planning to purchase the land from U.S. Bank, which will also finance the sale. The organization could also become one of the property’s tenants, the newspaper reports. Construction could begin this year and be complete by 2015.

The tower would provide panoramic views of Lake Michigan and Downtown Milwaukee,  LEED-certified design, an outdoor terrace overlooking the lake, a fitness center, a conference center, more than 400 parking spaces, and skywalk access to US Bank Center and the US Bank parking garage. Bill Bonifas of CBRE Group Inc. is marketing the property.

Notable projects completed by Irgens include ASQ Center, 875 East Wisconsin, and GE Healthcare Research Park. Additional company offices are located in Chicago and Phoenix.

Rendering: Irgens/Kahler Slater