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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 



City Weighs $54M TIF for Northwestern Mutual’s 1.1 MSF Tower

29 Apr 2013, 3:08 pm

by Adriana Pop, Associate Editor

Milwaukee’s zoning, neighborhoods and development committee has unanimously approved a $54 million developer-funded tax increment financing (TIF) plan for Northwestern Mutual’s proposed 1.1 million-square-foot Downtown headquarters tower.

Estimated to cost between $350 million and $400 million, according to The Business Journal, the 33-story building would replace the financial services company’s office at 800 E. Wisconsin Ave. The company expects to begin demolition of the existing building this year and start construction on the new tower by fall 2014. Upon completion in 2017, the 550-foot structure will be the largest single building in Wisconsin.

“Building now in downtown Milwaukee is the right thing for us, just as 10 years ago it was right to add capacity in Franklin,” said John E. Schlifske, the company’s chairman & CEO. “We said then and I’ll say now, we expect over the decades to continue to grow at both campuses.”

Since Northwestern Mutual unveiled the proposed project in December, its planned size has increased about 30 percent. The facility will accommodate 1,100 Milwaukee employees and provide room for expansion. Northwestern Mutual’s long-term growth plans include adding 1,900 jobs by 2030.  

Under the proposed TIF agreement, the company will finance the entire cost of the development. Once the new building begins producing tax revenue at a level exceeding that of the current East Wisconsin Ave. property, Northwestern Mutual will recover $54 million over a period of 25 years. If the company meets its employment projections, it will receive 70 percent of the tax increment, while the city will use the remaining 30 percent to fund Lakefront Gateway projects. The full Common Council is expected to review the plan on April 30, BizTimes Milwaukee reports. 

Founded in Janesville in 1857, Northwestern Mutual moved to Milwaukee years later. The company’s home office includes two campuses with four buildings and 3,000 employees in downtown Milwaukee, as well as two buildings with 2,000 employees at the Franklin campus.

Photo credits: betf.blogspot



Blue Ribbon Management Plans June Start for 73 KSF Office Building at the Brewery

12 Apr 2013, 6:00 pm

by Adriana Pop, Associate Editor

Blue Ribbon Management L.L.C. is proposing to break ground in June on a 73,100-square-foot office building at the former Pabst brewery complex near Downtown Milwaukee. JSOnline, an online service of the Milwaukee Journal Sentinel, reports that the company will also manage the building on behalf of its owner, Blue Ribbon Redevelopment Fund III L.L.C. of Chicago.

Estimated to cost $10 million to $12 million, Pabst Business Center (pictured above) is scheduled for completion by the end of 2014. The five-story structure will rise on a vacant site at the North 11th Street and West Juneau Avenue. Plans call for 42,000 square feet of leasable office space on three floors, plus a two-level, 68-space parking garage.

Rinka Chung Architecture Inc. of Milwaukee is designing the building, which will feature dark brown bricks and wood details.

Oregon, Wis.-based Gorman & Co. will serve as the project’s construction manager. Elsewhere at the Brewery, Gorman redeveloped the former brew house and mill house as Brew House Inn & Suites, an extended-stay hotel scheduled to open this month.

Both Pabst Business Center and Brew House Inn & Suites are being funded through the federal EB-5 program, which offers residency to foreign investors and their families in exchange for financing job-creating projects in the United States.

Also on Blue Ribbon’s drawing board is the conversion of the former Pabst bottling house between N. 9th and N. 10th streets into apartments for foreign students. The two-story, 255,000-square-foot building’s footprint would cover more than half a block, making it the largest at the Pabst complex.

The 20-acre Pabst redevelopment district is one of the greenest neighborhoods in the world. The site, which includes apartments, offices, university facilities and a hotel, was recently awarded LEED Platinum designation from the U.S. Green Building Council.

Rendering of Pabst Business Center: Rinka Chung Architecture Inc.



Angelic Bakehouse Plans Move to Cudahy; Pabst District Earns Rare LEED Platinum Award

15 Mar 2013, 9:08 pm

by Adriana Pop, Associate Editor

Angelic Bakehouse Inc. is planning to move from Waukesha this summer to a $3.4 million, 22,000-square-foot office and production facility in Cudahy, BizTimes Milwaukee reports.

Located on Layton Ave., Angelic’s new facilities will be the former site of the Iceport, a planned multiple-rink project. Construction is expected to start in April and be completed by August. Executive vice president James Marino told BizTimes Milwaukee that Angelic intends to expand from 29 to 100 employees over the next three years.

The 40-year-old bakery—known until recently as Cybros The Sprouted Bakehouse—considered building the new facility in Milwaukee and Menomonee Falls. Angelic decided that Cudahy offers better access to Chicago and points east, as well as proximity to other food manufacturers. The city’s Community Development Authority is expected to review Angelic’s development proposal later this month.

In other development news, JSOnline reports that the Pabst Brewing Co. redevelopment project in Downtown Milwaukee has received LEED platinum designation from the U.S. Green Building Council.

The 20-acre site can now claim to be one of the greenest development clusters in the world. USGBC has awarded its LEED Platinum designation to only three neighborhoods in the United States and five worldwide. On Feb. 27, Mayor Tom Barrett accepted the award during a presentation held at the Joseph J. Zilber School of Public Health.

The Pabst redevelopment district includes the University of Wisconsin-Milwaukee’s Zilber School of Public Health, Cardinal Stritch University’s College of Education and Leadership, the Blue Ribbon Brewery Lofts apartment building, the Best Place pub, Brewery Point senior housing, office buildings, a parking garage, as well as a public park. The conversion of the former Pabst brew house to the Brew House Inn & Suites, an extended-stay property, is expected to be complete in April.

Photo: http://www.thebrewerymke.com



Kimpton To Plant Its First Wisconsin Flag With 158-Key Downtown Milwaukee Hotel

4 Mar 2013, 4:22 am

by Adriana Pop, Associate Editor

A 158-key hotel in Milwaukee’s Third Ward that would represent the first Kimpton flag in Wisconsin has passed its first regulatory hurdle. The Business Journal reports that the upscale property has won approval from a local architectural review board.

HKS Holdings L.L.C., the project’s developer, plans to build the eight-story hotel on the site of a parking lot at the northeast corner of Broadway and East Chicago Street. Milwaukee-based Kahler Slater Architects will design the project, which will include a rooftop bar, a fitness center, expansive meeting space, a ground-floor restaurant, as well as underground parking. Construction is expected to begin this fall.

Increased business travel is drawing new investment to Downtown Milwaukee’s hospitality market. Recent arrivals include the 128-key Hilton Garden Inn, which opened last fall; the 90-key Brew House Inn & Suites, scheduled for a May opening at the former Pabst brewery complex; and the 205-key Marriot hotel under construction at 323 E. Wisconsin Avenue.

“We’re seeing a growth demand for our style of boutique hotels in the market and have been attracted to Milwaukee for some time,” Kimpton Hotels & Restaurant Group CEO Mike Depatie said in a statement. “We’re thrilled to be growing our Kimpton footprint in the Midwest. Milwaukee, in particular the Third Ward and its eclectic and artistic character, fits perfectly with our hotel collection,” The San Francisco-based company operates 58 hotels and 67 restaurants across the country.

Kimpton’s parent company, Kimpton Group Holding L.L.C. recently closed on a $203 million fund which will be used to acquire or develop more than $500 million worth of hotels over the next three years.

Rendering: Kahler Slater Architects



Multi-Family Projects Gear Up in Sussex, Brookfield

3 Feb 2013, 2:55 am

by Adriana Pop, Associate Editor

Developer Arthur Sawall plans to build five 30-unit apartment buildings and 12,000 square feet of retail space in Sussex, The Business Journal reports.

The project would rise on a 10-acre parcel at the southwest corner of Main Street and Waukesha Avenue that has sat vacant for two decades. Sawall purchased the site two years ago, according to village administrator Jeremy Smith.

Construction on the first phase is expected to begin by May. The $8 million-plus investment will include two of the three-story apartment buildings. Part of the site preparation cost could be funded through tax-increment financing. Three more buildings will be developed as existing units lease up. Once the residential component is complete, Sawall plans to break ground on two retail buildings.

In other multi-family news, a development team is proposing 132 apartments and 12 condominiums on a 27-acre parcel in Brookfield owned by former executives of the shuttered Walters Wrecking Inc. The development team also includes Jonathan Ross and Peter Ogden of Ogden & Co. Investment Partners, as well as Middleton-based Parmenter Development Inc.

According to The Business Journal, the Sutter Creek residential project will be built at the corner of South Barker Rd. and North Greenfield Ave. Phase one would include two three-story buildings totaling 89 apartments ranging in size from 812 to 1,352 square feet. The next phase would bring a 43-unit building, while the final component would add 12 condominiums in six smaller buildings. Pending final approval from the city, construction could begin by May.

Photo credits: www.village.sussex.wi.us



Whitestone Realty Eyes Spring Start for 127-Unit Senior Housing at Pabst Complex

18 Jan 2013, 7:59 pm

by Adriana Pop, Associate Editor

Milwaukee Pabst Senior Housing L.P., a venture led by Whitestone Realty Capital L.L.C., is moving forward with plans to develop a 127-unit senior housing facility on the site of the former Pabst Brewery in Downtown Milwaukee, the Business Journal reports. First proposed in 2011, the project would replace the Malt House and Malt Elevator buildings on West Juneau Ave.

Construction is expected to start by April and take 12 to 14 months. The developers plan to sell the complex to one of two nonprofit operators: United Housing and Community Services Corp. or Improved Living Foundation Inc.

Whitestone Realty is seeking $37 million in tax-exempt bonds through the Milwaukee Redevelopment Authority, Michael Zukerman, the company’s CEO, told the Business Journal. The project could also benefit from historic tax credits, he added.

In other news, the Schlitz Park office complex in downtown Milwaukee has recruited several new tenants and secured fresh commitments from existing occupants. According to BizTimes, the American Heart Association has signed a lease for 5,500 square feet of space in the RiverCenter building. The organization will relocate from 660 E. Mason St. in Milwaukee.

Yet another addition to the tenant roster at Schlitz Park is TransPerfect, which will move from 1661 N. Farwell Ave. in Milwaukee to 5,000 square feet in the Keg House building.

Additionally, iCare has expanded its lease in the RiverCenter building by 4,000 square feet, while Wisconsin DPI and Security Microlmaging Corp. Inc. have both extended their leases by five and 10 years, respectively. A Schlitz Park spokesperson reported that the 460,000-square-foot RiverCenter building is now 95 percent leased, while the 65,000-square-foot Keg House building has reached full occupancy.

Photo credits: milwaukeedailyphoto.com



Vintage Park East Warehouse Destined for M-F Makeover

7 Jan 2013, 10:18 pm

by Adriana Pop, Associate Editor

Milwaukee’s Park East Corridor could soon welcome a new residential development within the walls of a vintage building. The Business Journal
reports that Wisconsin Redevelopment LLC and Impact Seven Inc. are planning to transform a 106-year-old warehouse into a 70-unit mix of affordable and market-rate apartments.

The residential units would range in size from 900 to 1,200 square feet and will be served by 70 parking spaces. The project team is currently determining specifics of the renovation, which will employ environmentally sustainable construction practices.

Todd Hutchison, project manager for Impact Seven, told the newspaper that financing would include state affordable housing tax credits, as well as federal historic restoration credits.   The Milwaukee Planning Commission was scheduled to consider the proposal on Monday, Jan. 7.

Situated at the corner of North 4th Street and West McKinley Avenue, the four-story historic property is currently used by C. Coakley Relocation Systems and includes approximately 100,000 square feet of space.

In regional investment news, Meijer Inc. of Grand Rapids, Mich. has acquired two commercial properties in Wisconsin for a combined $35.85 million. According to the Business Journal, the company has paid $29 million for a distribution center in Pleasant Prairie and $6.85 million for 33 acres of undeveloped land in Grafton.

The 570,000-square-foot distribution center is located west of Highway 31, between Highway 50 and Highway 165. Meijer purchased the facility from Supervalu Inc. on Dec. 28 and plans a 254,000-square-foot expansion. Operations at the center are expected to begin by fall 2014.

In Grafton, the company intends to build a new store, which will be located on North Port Washington Road near Highway 60. That 191,350-square-foot facility is also scheduled to open in 2014.

Photo credits: www.destination360.com



Ramco-Gershenson Pays $10.4M for Phase 2 of Waukesha Retail Center

21 Dec 2012, 5:32 pm

by Adriana Pop, Associate Editor

In a $10.4 million deal, Ramco-Gershenson Properties Trust has acquired the second phase of The Shoppes at Fox River development in Waukesha from Opus Development Corp., the Business Journal reports.

The recently completed property features 47,000 square feet of retail space, as well as an adjoining 12.2-acre parcel. Tenants include T.J. Maxx, Ulta Salon and Cosmetics, Rue21 and Charming Charlie’s.

In Dec. 2010, Ramco-Gershenson purchased the 273,000-square-foot first phase of the asset from Opus for $23.8 million. That portion of the property is 100 percent occupied; tenants include Pick ‘n Save, Petco, Buffalo Wild Wings, Noodles & Company, Dollar Tree and Famous Footwear. Stand-alone buildings occupied by Target, Chili’s and CVS were not part of the transaction.

“We have a great relationship with Ramco-Gershenson Properties Trust and are happy to be working with them again,” said Julie Ledger, vice president and general manager for Opus Development. “The success of each of the phases of this development is a testament to the strength of this retail center and the community of Waukesha and led to Ramco-Gershenson’s desire to purchase our latest addition to the development.”

In other news, Baker Tilly Virchow Krause, LLP has completed its move from the Honey Creek Corporate Center on Milwaukee’s west side to a new 68,000 square feet location in the US Bank Center downtown (pictured).

The public accounting and consulting firm signed the lease for the new space at 777 E. Wisconsin Ave. in February and was represented by Steve Palec of Cresa. Baker Tilly’s Milwaukee office currently employs about 225 people.

“Our move downtown has been greeted with much enthusiasm not only from our employees, but also from the community,” Bill Wertz, Baker Tilly’s Milwaukee office market leader, told BizTimes. “We’ve been overwhelmed by the warm welcome we are receiving from the US Bank building tenants and other downtown businesses.”

Photo credits: www.glasssteelandstone.com



Northwestern Mutual Unveils Plans for $300M Downtown HQ

8 Dec 2012, 6:27 am

by Adriana Pop, Associate Editor

Northwestern Mutual Life Insurance has announced plans for a $300 million, 840,000-square-foot office tower in Downtown Milwaukee. Pending city approvals, construction could be complete by 2017. The project is contingent on $48 million in tax increment financing.

The new high-rise would replace Northwestern Mutual’s 34-year-old headquarters, the 451,964-square-foot, 16-story East Building at North Cass and East Mason streets (pictured). That facility currently houses about 1,100 employees. Northwestern Mutual expects to release renderings of the proposed tower by mid-2013.

“We believe in Milwaukee. It’s been our hometown for virtually all of our 155 years,” said Northwestern Mutual chairman & CEO John Schlifske. “This will be a signature development that makes a huge statement about the attractiveness of the whole Milwaukee metro area. We are going to be here, and continue to play a vital role in this community for generations to come.”

BizTimes reports that Northwestern Mutual considered several other options, including developing a new building at its Franklin campus, or building new facilities at both its Franklin and Downtown locations. Northwestern Mutual’s decision to develop the new office tower will add capacity for up to 1,700 new positions.

“Everyone in our region benefits when top employers like Northwestern Mutual make a long-term commitment to grow in Downtown,” said Milwaukee Mayor Tom Barrett. “This is a once-in-a-generation chance to make an investment of this scale in Downtown Milwaukee.”

Photo credit: betf.blogspot



New State Office Building Gets $8M in Public Bond Financing

25 Nov 2012, 10:57 pm

by Adriana Pop, Associate Editor

The Milwaukee Redevelopment Authority has approved $8 million in public bonds to help finance the construction of a 64,000-square-foot state office building in Milwaukee. Klein Development Inc. of Wauwatosa, the project’s developer, will use the proceeds to obtain loans for the project through JPMorgan Chase Bank NA and BMO Harris Bank, the Milwaukee Business Journal reported.

According to the Business Journal, the two-story building (pictured) will be built on a two-acre city-owned parcel located at the corner of Wisconsin Avenue and North 27th Street. In October, the Milwaukee Common Council agreed to sell the land to the developer for $1.

Excavation is under way. After construction is complete next summer, the Wisconsin Department of Children and Families will lease the building for 15 years.

In Downtown office leasing news, EmPowerHR, which provides integrated human resources solutions for growing businesses, and Laurus Strategies, a business consulting firm, have moved into shared space in Downtown Milwaukee’s Third Ward.

The companies will occupy 10,000 square feet on the second floor of the Warehouse No. 1 Building at 126 N. Jefferson. EmPowerHR and Laurus Strategies currently employ 25 people between them and plan to add staff in the near future.

“The Third Ward is an exciting place for us to bring the talents of our EmPowerHR and Laurus Strategies staffs together to further capitalize on the synergies of these two groups,” explained Scott Rasmussen, president of EmPowerHR. “We can more effectively serve the needs of any sized client, from start-ups to established Fortune 500 companies. As we continue to grow and expand our workforce we believe our presence in the Third Ward will make us an attractive employer of choice.”

Photo credits: Korb Tredo Architects