Sunday, January 13, 2008

The Business Journal of Milwaukee: Mandel delays condo project

The buyers market is not only frustrating many sellers in this market, but it is also frustrating many condo developers who broke ground on their projects during this softer real estate market.

According to Pete Millard of The Business Journal of Milwaukee, Mandel Group Inc. and Ruvin Development, two high-profile developers, have agreed to postpone two downtown projects as a result of a turbulent downtown condominium market.

Mandel Group Inc. has delayed the construction of its Domus condominium development along the Milwaukee River in the Third Ward and Ruvin Development Inc. has delayed its $160 million Sidney Hih mixed-use project that will include condos, a Kimpton Hotel, retail and offices.

According to Barry Mandel, president of the development firm that bears his name, it may take four to five years to clear out the inventory of condominiums in downtown Milwaukee.

The fact that Mandel and Ruvin have postponed their new construction developments is not necessarily a bad sign of things to come. In fact, I believe this a positive sign for existing condo sales in downtown Milwaukee. To find out how this latest development will positively impact the downtown condo market, please check out my blog post titled "Postponement of Key Real Estate Developments is not necessarily a Bad Sign for the Downtown Condo Market" or click here to be redirected to this post.

Millard identifies other condo projects (The Edge, River Renaissance, and Rivianna) that have experienced delays as well. Click here to read about how these delays will affect the downtown condo market>>>

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posted by David Ray @ 3:48 PM

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