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

2/13/2014 - City of Milwaukee officials are considering roughly $2 million to build infrastructure for Mandel Group Inc.’s $50 million third phase of the North End development that would bring a five-story building with a specialty grocery store and 168 luxury apartments.

The building is planned northwest of East Pleasant and North Water streets along the Milwaukee River. Construction is anticipated to begin in June for a fall 2015 opening, said Richard Lincoln, senior vice president of Milwaukee-based Mandel Group.

Lincoln declined to name the grocer that would occupy the 30,000-square-foot store on the building’s first floor.

The project marks the third phase of Milwaukee-based Mandel’s North End, which redeveloped a former tannery at the northern edge of the Park East corridor. The phase will cost $50 million to $55 million, and will include underground parking for the grocery store and apartments, Lincoln said.

The city will consider dedicating roughly $2 million to pay for utilities, a repair of the river dockwall and an extension of the riverwalk for the third phase, Lincoln said. Mandel Group will dedicate up to $800,000 to cover half the cost of the dockwall repair and 70 percent of the riverwalk construction, he said.

The city financing would come through the Park East tax incremental financing district. The city would borrow money for the work, and pay off the debt using taxes generated by new development in the North End and overall Park East.

Lincoln said Mandel will not seek any other city support for the third phase.

Ald. Nik Kovac this week introduced a resolution to approve a term sheet for the infrastructure work. City aldermen will consider it in the coming weeks.

-Sean Ryan, Reporter- Milwaukee Business Journal

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