Milwaukee Condo & Real Estate Scene

The Business Journal of Milwaukee: Taxman to add apartments to Water Street building

Taxman Investment Co. is in the process of renovating the Button Black Building at 500 North Water Street in Downtown Milwaukee. Many residents refer to this building as Joey Buona's Italian Restaurant. When renovation is completed in late-2007, Taxman will begin building 35 loft apartments on the top five floors of this seven-story building.

Taxman originally received approval to build one- and two-bedroom lofts six years ago. These plans were postponed because of the softer rental market during the past few years.

During the past few years, Downtown Milwaukee has seen a decline in the number of available rental units. Many large-scale apartments converted into condominiums. The Blatz, Courtyard Square, and Landmark On The Lake were converted during the past few years. Recently, The Franklin at East Pointe and Lake Bluff at East Pointe have undergone new ownership and are in the process of being converted into condominiums. With fewer rental options, it is becoming more desirable for real estate investors and developers to focus their developments with the renter in mind.

Pete Millard, writer for The Business Journal of Milwaukee, explains the amount of renovation work is needed before Taxman can begin building his lofted apartments. Click here to read the entire article>>>



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Labels: Real Estate

posted by David Ray @ 1:07 PM