shorewood
Find On Facebook

News

Eschweiler residential development is well worth an investment by the city

7/10/2013 - In June the Wauwatosa Historical Preservation Commission approved a plan by Mandel Group to do a residential development, including the historic Eschweiler buildings, on the UWM Innovation Campus near Swan Boulevard.


The residential buildings will comprise 192 excellent apartments and integrate the handsome and respected Eschweilers into a high-quality project. It is expected to draw professional people who will work on the campus, a place where industry and higher education merge to stimulate the economy.


The residential project is a key element of Innovation Campus. The HPC has seen to it that the new residential buildings have outstanding architecture that not only complement the Eschweilers, but are very attractive, modern buildings that do justice to their prominent position on a high hill that affords a magnificent view of the Milwaukee skyline.


The approval of Mandel's project came after a series of reviews at HPC meetings, some of them including public hearings, which spanned about 11/2 years. There was disappointment expressed after Mandel made a determination that because of unanticipated high costs of refurbishment, three of the four Eschweilers could not be saved for use as apartment buildings. The financial realities could not be ignored, however, especially after they were confirmed by independent analysis, but Mandel had the patience to develop an acceptable plan.


Mandel's plan allows for two possibilities. The primary plan is for the Forestry Exploration Center to occupy the four Eschweiler buildings with a charter school specializing in forestry and ecology. The FEC would bear all expenses of refurbishing the buildings, built in 1910, for their use.


In case the FEC is unable to raise the money, Mandel would revert to the secondary plan. Only the administration building, the largest of the Eschweilers, would be completely renovated. It would comprise offices, meeting rooms and recreation areas. Two other Eschweilers would be taken down except for a portion of the first stories, including the entry doorways, and they would become walled gardens. The fourth would be demolished. The walled gardens would be charming outdoor places where residents of the apartments and the rest of Innovation Campus could gather to socialize.


Either way, there is a shortfall of $2.5 million that Mandel cannot raise in ordinary financial markets. It is critical the city provide tax-incremental financing to cover it. This kind of TIF is common practice in many cities, including Wauwatosa. For example, the city just granted $2.1 million in TIF for the ABB building on the campus, an industrial building used for private enterprise, to help create a tax base estimated at $13 million. A $2.5 million TIF for Mandel's residential project would help build a tax base estimated at $20 million. It would generate about $450,000 a year in taxes and retire the TIF within six to eight years.


It also is critical that the TIF funding be approved within the next few months so construction can begin while the real estate markets are still favorable to apartments.


-By Charles Mitchell, a retired mechanical engineer and long-time Wauwatosa resident, is chairman of the Historic Preservation Commission.

News Articles

He Built this City

CRE Guide: Community Spotlight - Shorewood

Mandel Group Announces Sellouts at Two Condominium Developments

UWM's Innovation Center in Wauwatosa moving forward

Mandel Group Honored for Fire Rescue of Elderly Couple

Milwaukee and state officials talk unity at North End groundbreaking

MANDEL GROUP ACQUIRES 340 UNIT DOWNTOWN WAUKESHA PROPERTY

BOMA 2012 AWARDS Mandel Group Apartment Portfolio Wins Seven Awards for Excellence

CARW ANNOUNCES 2012 CRE DEAL OF THE YEAR AWARDS

Bay working out tax incremental financing details for Mandel luxury apartments

Mandel proposes apartments in Whitefish Bay

The Corners public financing plan wins initial OK

Mandel wants to raze four historic Wauwatosa buildings, preserve one

Dreamscape: Developers pitch ideas for Park East corridor

Mandel Apartments Slated for February Groundbreaking

Mandel Group hopes to start Domus project next year

$4.6 Million in Public Funds OK'd for Mandel Apartment Project

SVP of Milwaukee’s The Mandel Group earns top position with NAIOP Wisconsin

The Marcus Corporation Selects Mandel Group as Residential Consultant for The Corners of Brookfield

Forest Exploration Center Raising Money

Panel OKs Mandel's Brookfield Apartment Plan after Downsizing

Final Apartment Plans for Towne Centre a Compromise in Brookfield

Lighthorse 4041 Recieves Urban Planning Award from Wisconsin Planning Association

Mandel Plans Lakefront High-Rise

Barry Mandel: A visionary in Milwaukee

Eschweiler residential development is well worth an investment by the city

Prospects take shape in and around Eischweiler buildings in Wauwatosa

Specialty grocer in works for Park East's North End development

Mandel charts 250 apartments, two buildings for North End's final phase

Fresh Thyme Farmers Market to open store at North End

Mandel Group completes lease-up of North End's second phase, Shorewood project

Milwaukee OKs money for North End riverwalk, dockwall work

Mandel shoots for mid-2014 construction start for North Avenue apartments, climbing wall

Mandel Group is a Proud Sponsor - YP Week

30 Million Apartment Project Given First City Approval

Mandel Group's plate overflows with apartment projects

Mandel apartments, rock climbing facility on North Avenue approved

2014 Mayor’s Design Awards

Mandel's 3rd Ward apartment, river walk designs get plan commission approval

Developer Barry Mandel says building Milwaukee takes more than concrete

Construction to begin on third phase of North End, Fresh Thyme grocery

Mandel Group provides free space for creative companies

Third Ward redevelopment lands firm as anchor tenant

A NEW VIEW OF THE RIVER

RiverCrest Condominiums Groundbreaking

10/16/04 RiverCrest Model Grand Opening

North Avenue Dam Pedestrian Bridge

MANDEL GROUP COMPLETES FINANCING FOR NORTH END AND LIGHTHORSE DEVELOPMENTS

Pile Driving Begins at The North End

North End project to assist minority-owned businesses

SBT AROUND TOWN: PFISTER AND VOGEL SLIDE SHOW

Funding proposed for Park East development

Getting Away to Milwaukee