Milwaukee Condo & Real Estate Scene

JSOnline: Development plan advances - Supervisors favor proposal for student housing, offices, retail space downtown

New Vision Development Company has proposed a $75 million downtown development on the corner of North Sixth and West State Streets.

This development, which appears to have met preliminary approval from The Economic and Community Development Committee of the Milwaukee County Board, will include a seven-story apartment building aimed at housing students. The location is ideal for students who attend classes at MATC, Marquette, MSOE, and UWM.

New Vision’s proposal will provide enough housing for 450 students, 50,000 square feet of retail space, and a 600-stall parking ramp.

New Vision expects construction to start in November 2008 and be completed within 18 months.


Why am I so excited about apartments and student housing?

During the past four years, downtown Milwaukee has seen a sharp decrease in the number of rental housing options. Courtyard Square, The Blatz, Gallun, Landmark on the Lake, The Franklin, and Lake Bluff were converted from apartments to condominiums. I expect that real estate developers will build more apartments and student housing developments in the coming years to replenish this growing need. Barry Mandel of The Mandel Group has already begun to assist this demographic. Mandel has completed construction for UWM student housing near Commerce Street and North Avenue in Riverwest. He has begun construction on The North End which will first feature apartment buildings. Downtown Milwaukee will benefit from having an appropriate number of housing options for renters and homeowners.

Steve Schultze, writer for JSOnline, writes more about New Vision’s plan. Click here to read more about New Vision’s residential proposal>>>


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Labels: Real Estate

posted by David Ray @ 9:36 AM