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Kendal Group Wins Key Approval For $19.5M M-F Project in Beerline District

29 Oct 2013, 3:18 pm







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by Adriana Pop, Associate Editor

The Milwaukee Redevelopment Authority has approved Kendal Group Ltd.’s $19.5 million plan to build a 113-unit apartment project north of downtown in Milwaukee’s Beerline district, JSOnline reports. The project would exceeds the area’s density standard of 40 housing units per acre.

Called Walker’s Landing Apartments, the riverside development at 2056-2064 N. Commerce Street would replace two warehouses along North Riverboat Road between North Humboldt Avenue and North Weil Street. Milwaukee-based architect Engberg Anderson is the designer of the complex, which would offer studio, one-bedroom and two-bedroom apartments, as well as 131 parking spaces.

Next, Kendal’s proposal will receive a traffic review from the Plan Commission and the Department of Public Works. If the project receives final approval, Kendal expects to purchase the site by the end of the year and start construction next summer.  

In office investment news, BizTimes reports that  Sara Investment Real Estate L.L.C. has acquired a 50,000-square-foot office building at Riverwood Corporate Center in Pewaukee. Brookfield-based Palmisano Companies Ltd. sold the property for $4.4 million.

“We purchased it because we like the area that it’s in,” Traci Dalsin, executive vice president for Madison-based Sara Investment, told the newspaper. “We like the market.”

Built in 1999, the three-story building known as Squires III Office Center counts Care Wisconsin and Hills Legal Group Ltd. among its tenants. City records show that the property has an assessed value of $5.8 million, according to BizTimes.  

Photo credits: Engberg Anderson



Wangard Breaks Ground on Phase 1 of M-F Project in Park East

13 Oct 2013, 9:23 pm

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by Adriana Pop, Associate Editor

Wangard Partners Inc. has begun construction on a three-phase apartment project in downtown Milwaukee’s Park East corridor. According to JSOnline, the project’s first phase is a $21 million, 104-unit apartment complex at the southwest corner of North Jefferson and East Lyon streets. The project will also include 7,000 square feet of commercial space and an underground parking structure.

BizTimes reports that Wauwatosa-based Wangard recently purchased the 1.25-acre block from RSC & Associates for $1.5 million. The Oak Park, Ill.-based company had also planned to develop apartments at the site, which it acquired from Milwaukee County in 2007, but was unable to obtain financing. Originally known as Park East Square, the project has been renamed Avenir by Wangard.

Wangard expects to complete the project’s initial phase by next fall. The complex will offer studios, one-bedroom and two-bedroom units, with rents ranging from $1,200 to $2,000 per month. According to Stewart Wangard, the company’s chairman and chief executive officer, and Tony DeRosa, vice president of development, construction will be financed through loans from Associated Bank and The Private Bank.

Avenir’s second phase will consist of a five-story, 95-unit apartment building on Milwaukee Street, while plans for the third phase are pending.  

In Milwaukee’s Walker’s Point neighborhood, Wangard is planning a mixed-use development that would include approximately 60,000 square feet of retail space, 60,000 square feet of office space and 60 apartments. According to BizTimes, the company has an option to purchase a vacant 8-acre parcel for the site, and is currently conducting due diligence for the project.

Photo: www.wangard.com



Northwestern Mutual Unveils $450M Downtown Milwaukee Headquarters

27 Sep 2013, 2:48 pm







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by Adriana Pop, Associate Editor

Northwestern Mutual has unveiled details of its proposed 1.1-million-square-foot headquarters tower and public space in downtown Milwaukee.  

Hines will serve as development manager for the $450 million project, which will replace the financial services company’s current headquarters at 800 E. Wisconsin Ave. That building is slated for demolition because of structural problems.

Plans call for a 32-story tower designed by New Haven, Conn.-based Pickard Chilton, nearly three acres of public green space, and an adjoining structure dubbed Northwestern Mutual Commons. The three-story facility will be open to the public and feature a visitors’ center, café and outdoor dining.  

Construction is expected to begin in 2014 and be complete by 2017. Northwestern Mutual’s new home will be a candidate for LEED certification.

“Inside and out, Northwestern Mutual Tower and Commons reflects our belief in the city that we have called home for almost our entire history,” said John E. Schlifske, Northwestern Mutual’s chairman & CEO, in a statement. 

Northwestern Mutual Tower will preserve 1,100 downtown jobs, while accommodating another 1,900 employees by 2030. The city is providing $54 million in tax incremental financing.

 “It has been a tremendous experience to collaborate with Northwestern Mutual and the design team to realize this new landmark on the lakefront – not only providing a new downtown presence for Northwestern Mutual, but for Milwaukee as well,” said Hines Senior Managing Director Tom D’Arcy. “The Commons will be a new vibrant pedestrian destination where employees and the community can enjoy the new Gardens and connect to the city’s lakefront.”

Rendering: Northwestern Mutual/Pickard Chilton



Inland Real Estate, PGGM Acquire 3 Retail Centers for $24.2M

16 Sep 2013, 3:32 pm







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by Adriana Pop, Associate Editor

In an off-market transaction, a joint venture between Inland Real Estate Corp. and Dutch pension fund advisor PGGM has paid $24.2 million to acquire three Walmart-anchored shopping centers in the Milwaukee area.  

The 174,500-square-foot portfolio includes the 62,307-square-foot Capitol and 124th shopping center in Wauwatosa; the 71,927-square-foot Pilgrim Village shopping center in Menomonee Falls; and the 40,302-square-foot Timmerman Plaza in Milwaukee. According to The Business Journal, Gatlin Development Co. built the three centers in 2010.  

“We continue to grow our platform through the acquisition of high-quality properties which strengthen the credit quality of our tenant base, as well as improve the diversification metrics and growth profile of our portfolio,” said Inland Real Estate Corp. chief investment officer Scott Carr in a statement. “In addition, our ability to acquire these assets through our joint venture with PGGM allows us to leverage our partner’s capital and achieve an attractive return on our equity, while retaining the option to increase our ownership interest in the future.”  

In other acquisition news, BizTimes reports that Badger Investments L.L.C. has purchased the 96-year-old Phoenix Building in Milwaukee’s Third Ward neighborhood for $4.5 million. Phoenix Building L.L.C .was the seller of the 120,000-square-foot office property at 219-39 N. Milwaukee St.  Patrick Gallagher and Matson Holbrook of Siegel-Gallagher Inc. represented the buyer, while Jack Jacobson of NAI MLG Commercial represented the seller.

Built in 1917 as a manufacturing facility for Phoenix Hosiery Co., the seven-story building was later converted to offices and is listed on the National Register of Historic Places. Its tenant roster includes the Historic Third Ward Association, the Richard & Ethel Herzfeld Foundation, U.S. Rep. Gwen Moore, Tory Folliard Gallery, Dickens Books, Culver Design, Eichenbaum & Associates, Stark Media and investment banking firm Grace-Mathews.

“We love the Third Ward as it reminds us of SoHo in New York and River West in Chicago where old industrial areas of those cities were transformed into progressive areas to live and work,” Badger Investments co-owner Jim Swernoff told the newspaper.

 Photo credits: Gatlin Development



Gorman’s $20M M-F Project in Pabst District Wins Key Approval

30 Aug 2013, 7:14 pm







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by Adriana Pop, Associate Editor

The Milwaukee Plan Commission has approved Gorman & Co.’s proposal to develop a $20 million, high-end, apartment building in the Pabst brewery redevelopment district, The Business Journal reports.

Designed by Eppstein Uhen Architects of Milwaukee, the Frederick Lofts project (pictured at right) would rise on a vacant site at the northeast corner of North 9th St. and West Juneau Avenue. The complex would feature 100 apartments, five live-work office storefront units, 120 surface and underground parking spaces, a rooftop deck, a clubhouse and a health club. Construction is expected to begin next spring and be completed about a year later.

Frederick Lofts will target a higher-income clientele than other Milwaukee multi-family properties developed by Oregon, Wis.-based Gorman. Monthly rents are expected to venture into the high $900s for efficiencies, $1,275 for one-bedroom apartments and around $1,750 for two-bedroom units.

Gorman’s other projects at the 20-acre Pabst site include Blue Ribbon Lofts, a multi-family property consisting of 95-units, most of them affordable apartment building, and the 90-key Brewhouse Inn & Suites. Considered one of the world’s greenest neighborhoods, the Pabst district has received LEED Platinum designation from the U.S. Green Building Council.

In regional news, BizTimes, BizTimes reports that Opus Group is partnering with Harrison Street Real Estate Capital L.L.C. of Chicago to develop Varsity Quarters, a 162-bed private student housing complex near the University of Wisconsin-Madison campus.

Designed by Eppstein Uhen Architects, the six-story building is scheduled to open in time for the 2014 school year. Opus Development Co. L.L.C. is the project’s developer, while Opus Design Build, L.L.C. is managing construction.

Rendering: Gorman & Co./Eppstein Uhen Architects



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