Construction projects under way in downtown Milwaukee will bring hundreds of new apartments and three new hotels to the market, while real estate experts are optimistic that a new office project could draw enough tenants to kick off in 2012.
Demolition and other site preparation work has begun for the new $54 million Marriott hotel near the southwest corner of East Wisconsin Avenue and North Milwaukee Street. The 200-room hotel is being developed by Jackson Street Management LLC, Milwaukee. Completion is projected for mid 2013.
First Hospitality Group Inc. of Rosemont, Ill., is renovating the Loyalty Building at East Michigan Street and North Broadway into a 128-room Hilton Garden Inn.
In the apartment market, the 30-story Moderne apartment and condominium project is under construction at the corner of West Juneau Avenue and North Old World Third Street. The project includes 14 condominiums and 203 apartments, according to The Moderne website.
Construction is under way for the 68-unit 1910 on Water apartment project at 1910 ...
Construction projects under way in downtown Milwaukee will bring hundreds of new apartments and three new hotels to the market, while real estate experts are optimistic that a new office project could draw enough tenants to kick off in 2012.
Demolition and other site preparation work has begun for the new $54 million Marriott hotel near the southwest corner of East Wisconsin Avenue and North Milwaukee Street. The 200-room hotel is being developed by Jackson Street Management LLC, Milwaukee. Completion is projected for mid 2013.
Developer Gorman & Co. of Oregon, Wis., is converting the former brewhouse at The Brewery? complex into a 90-room extended stay hotel called the Brew House Inn & Suites at the corner of 10th Street and Juneau Avenue. The hotel is expected to be complete in November.
First Hospitality Group Inc. of Rosemont, Ill., is renovating the Loyalty Building at East Michigan Street and North Broadway into a 128-room Hilton Garden Inn.
In the apartment market, the 30-story Moderne apartment and condominium project is under construction at the corner of West Juneau Avenue and North Old World Third Street. The project includes 14 condominiums and 203 apartments, according to The Moderne website.
Milwaukee developer Mandel Group? expects to begin construction within a month on the second phase of The North End apartments at 1551 N. Water St. Completion of the 155 units is expected in mid 2013.
Construction is under way for the 68-unit 1910 on Water apartment project at 1910 N. Water St. Wangard Partners, Milwaukee, is the project?s developer.
CommonBond Communities of St. Paul Minn., expects to begin construction of a 48-unit senior apartment project at The Brewery in March with completion projected for November.
Other proposed apartment projects include a four-story, 34-unit building on the northwest corner of North Jackson and East Pleasant streets by Dermond Property Investments of Milwaukee. RSC Associates of Oak Park, Ill., has proposed an 85-unit building in the Park East Square development.
Tony DeRosa, vice president of development for Wangard Partners, said there is significant pent-up demand in the market for quality apartments in downtown, particularly from young professionals.
?You continue to see young people move to the downtown area and attracted to this lifestyle,? he said.
Also at The Brewery, the remodeling and expansion of an existing building at 1240 N. 10th St. for the University of Wisconsin-Milwaukee School of Public Health is under way. Mike Mervis, vice president of The Brewery?s developer Zilber Ltd., said the building will be turned over to the university in late May or early June.
?We have four other significant projects that we are hoping to resolve in 2012,? he said.
Planet Fitness health club has opened in the 19,000-square-foot former Borders bookstore space in the ASQ Center on West Wisconsin Avenue near the Shops of Grand Avenue.
One question for downtown is whether a new office project will get under way this year.
Proposed projects include the 300,000-square-foot Washington Square office building on the southeast corner of North Jefferson and East Mason streets and an office building and parking structure at the Marcus Center for the Performing Arts? .
Rainier Properties LLC has proposed a mixed-use development in the Park East that would include a Marcus movie theater and office tower.
Major tenants looking for space have been identified as Michael Best & Friedrich, Godfrey & Kahn and Baker Tilly Virchow Krause. Baker Tilly Virchow Krause recently said it is looking for space in existing buildings.
?There are a number of high-quality development sites available in downtown that have teams committed to trying to get projects off the ground,? said William Bonifas, executive vice president for CBRE Inc. With the array of tenants in the market for space, ?we?re optimistic, with the improving economy, that some combination of tenants would probably lead to an announcement in 2012.?
Jeff Fleming, a spokesman for the Milwaukee Department of City Development? , said developers are optimistic about the future in downtown.
?There are projects that are in the discussion stages right now that would be very positive developments for downtown, and I would anticipate some of those coming together,? he said.
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