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

9/3/2014 - Mandel Group Inc. has closed on $53 million in financing for the third phase of its North End development in Milwaukee, setting up an immediate construction start.

The Milwaukee developer’s six-story building at North Water and East Pleasant streets will have a Fresh Thyme Farmers Market grocery and 168 apartments. The building’s initial occupancy will be in late 2015, according to the developer.

The Wisconsin Housing and Economic Development Authority provided New Markets Tax Credits to finance the grocery portion of the development, according to Richard Lincoln, Mandel senior vice president. Mandel sold the credits to U.S. Bank Community Development Corp., which will enjoy a tax benefit from the investment. BMO Harris Bank also financed the project.

Under the tax credit deal, Mandel Group and WHEDA dedicated money to Walnut Way Conservation Corps, of Milwaukee, and the Associates in Commercial Real Estate, or ACRE, developer training program.

The final phase of the North End development will have 245 apartments, bringing the overall development’s count to 650. That final phase is to begin next year.

Sean Ryan
Reporter-
Milwaukee Business Journal

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