Development News
Aerial of existing site
Aerial of existing site
Rendering of proposed redevelopment
Funding proposed for Park East development
11/22/06- The Department of City Development today proposed an $8.2 million city financing plan for a housing and retail development just north of downtown -- paving the way for what would be the largest project in Milwaukee's Park East area.
The city's funds would help finance Mandel Group Inc.'s $175 million project, known as The North End. The development is planned for 8 acres overlooking the Milwaukee River, on the former Pfister & Vogel tannery site.
Mandel plans to create 395 condos, 88 apartments and 20,000 to 25,000 square feet of street-level retail space over the next five to seven years. The firm hopes to begin demolition and environmental cleanup work next month, with new construction beginning by next summer, said Richard Lincoln, Mandel senior vice president.
The North End's $65 million first phase will feature 109 condos, 88 apartments and 12,500 square feet of retail space in six separate buildings, some as high as 10 floors, and include a two-level parking garage. Construction on that phase, which will be south of E. Pleasant St., between the river and N. Water St., will take 18 to 24 months to complete.
The city funds, which require Common Council approval, would help pay for demolition and environmental cleanup work, new streets, a riverwalk and other public improvements, and other expenses. Lincoln said the funds, which the city would borrow, would be repaid by The North End's property taxes within seven to 10 years, according to a study commissioned by the Department of City Development.
The financing plan will be reviewed next Tuesday by the Common Council's Zoning, Neighborhoods and Development Committee.
TUESDAY, Nov. 21, 2006, 11:22 a.m.
By Tom Daykin
