Milwaukee Condo & Real Estate Scene

JSOnline: Mandel buys 6 Walker's Point buildings - Firm working on development plans for the 3-acre site

Barry Mandel has been busy. Since 2000, he has added quite a list of real estate to his already extensive portfolio. Per Multiple Listing Service or MLS, Mandel has been responsible for providing newly-constructed condominium units at RiverCrest (2004), University Club Tower (2004) and Marine Terminal Lofts (2005).

Mandel is not done yet. He is in the process of building two new condominium projects - Domus in the Historic Third Ward and The North End in Milwaukee's East Side neighborhood.

Tom Daykin, writer for The Milwaukee Journal Sentinel, recently reported that Mandel has acquired six large buildings in Walkers Point, near the Milwaukee River. These buildings are commonly referred to as the "Wisconsin Cold Storage" which total nearly 206,000 square feet. In addition this site also includes over 3 acres of land.

Many people have asked me why so many condominiums are being built and who are the buyers of these new developments. Mandel is a smart businessman. Like most intelligent business people, Mandel knows his industry inside and out. He and other real estate developers are aware that there is still demand for downtown Milwaukee condominiums. According to MLS, nearly 80% of all the condominiums sold in downtown Milwaukee in 2006 were new construction. The fact is, a developer cannot begin to break ground on a new development until a certain percentage of the units are reserved. When you drive around and see all of the cranes and large holes in the ground, realize that many of the units you don't see have already been accounted for. To Mandel and other developers, Milwaukee is still a hot spot for prospective buyers.


Daykin writes more about Mandel's latest purchase. Click here to read more about his Walker's Point acquisition>>>



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Labels: Real Estate

posted by David Ray @ 3:27 PM