Friday, March 13, 2009

BizTimes.com Milwaukee and Southeastern Wisconsin Business News: Real Estate: Market correction reshapes downtown condo scene

Considering the realities of the current condo market in downtown Milwaukee, it is hard to believe that this market was booming during the late 1990s and early 2000s. Competition was so fierce, that developments sold out even before they broke ground. I recall my brother racing back to Milwaukee from Omaha to see a new warehouse conversion called Riverwalk Plaza.

Between 1997 and 2005, condominium developers couldn’t build condos fast enough to meet demand. Unlike other investment markets, the real estate market responds very slowly to current economic conditions. Consequently, the condo boom ended which created an oversupply of condos.

Needless to say, sales of downtown condos have slowed dramatically. Some argue that the nationwide collapse of the housing market, the current recession, and the meltdown of the financial markets are the causes for the downturn.

Andrew Weiland, writer for BizTimes.com, explains how the downtown condo market shifted from a Seller’s Market to a Buyer’s Market in a relatively short amount of time.

In addition, Weiland also provides details regarding the following condominium developments: The Residences of Hotel Palomar, The Residences on Water, The Moderne, Domus, The Point on the River, River Renaissance, Park Lafayette, and Landmark on the Lake.

Some of these developments are cancelled (e.g. The Residences on Water, The Residences of Hotel Palomar, Domus (delayed)). Some are a going concern (e.g. The Moderne, The Point on the River, Park Lafayette). Some are completed, but have many unsold units which developers are marketing as apartment units (e.g. River Renaissance and Landmark on the Lake).

Some real estate professionals feel that it will take years for the downtown condo market to absorb our high inventory levels. What will help speed the absorption rate (i.e. months of inventory) will be the reduction in the number of new condo developments. According to the Mandel Group, downtown Milwaukee is carrying a 22-month supply of condos. What this means is that assuming all condo owners delay their entrance into the real estate market; it will take nearly two years to sell off our current inventory levels. Mandel suggests that normal supply levels should be just less than one year.

Click here to read more about how the economy and the mortgage markets affected the sales of downtown Milwaukee condos>>>


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posted by David Ray @ 2:31 PM 0 comments

Milwaukee Journal Sentinel: Developers propose 350 apartments on Park East site

According to Tom Daykin, writer for the Milwaukee Journal Sentinel, Fair Market Development LLC (“Fair Market”) and Robert Schultz are proposing to construct over 350 apartment units on county-owned land in the Park East (bordered by North Milwaukee Street, North Water Street, East Ogden Avenue, and East Lyon Street). Some of these apartment units will be marketed to moderate-income renters.

Fair Market’s proposal is still pending approval from the County Board. Once approved, Fair Market suggests that construction could begin as early as 2010.

Robert Schultz has been involved in two other downtown-area developments: Teweles Seed Tower Apartments in Walker’s Point and River Renaissance in the Historic Third Ward.

In another post this month, I am featuring an article about Mandel Group’s Corcoran Lofts in the Historic Third Ward. During the mid-2000s, we have seen a spike in apartment-to-condominium conversions in the downtown community. It is a positive sign for our downtown to see more interest in creating apartment units to replace what was converted years ago. For years, renters had very few options for places to rent. It is very important for downtown’s economy to create an atmosphere where owners and tenants can both live.

Daykin provides more details about Park East’s latest developments. Click here to read about these proposed apartments>>>


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posted by David Ray @ 2:15 PM 0 comments

The Business Journal of Milwaukee: Zilber’s Brewery Project receives $15 million in New Markets Tax Credits

KM Development, a wholly-owned subsidiary of Zilber Ltd., is expecting to complete construction of the 900+ space parking structure in fall 2009. Construction of the $16.4 million structure began in November. In addition, the parking structure will also include 8,000 square feet of street level retail space.

Joseph Zilber, founder of Zilber Ltd, is the developer of The Brewery.

Zilber, with the financial assistance of the Wisconsin Housing and Economic Development Authority (WHEDA), has improved the former Pabst Brewery site to include residences, office and retail space. Upon completion, The Brewery will become a defined neighborhood of downtown.

The parking structure will be the second improvement completed within The Brewery to utilize the financial assistance of WHEDA. Through the assistance of WHEDA, $15 million in New Markets Tax Credits will be available to complete the parking structure.

The parking structure is expected to create 23 permanent jobs and 100 construction jobs.

The writers for The Business Journal of Milwaukee provide more details regarding The Brewery’s newest development. Click here to read about The Brewery>>>


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posted by David Ray @ 2:10 PM 0 comments

BizTimes.com Milwaukee and Southeastern Wisconsin Business News: Corcoran lofts to break ground on March 15

During the current housing market slowdown, it is refreshing to hear news about new housing developments that are moving forward. Milwaukee-based Mandel Group, Inc. is expecting to break ground in mid-March for Corcoran Lofts, an apartment development located next to its Gaslight Lofts in the Historic Third Ward.

Corcoran Lofts is a six-story apartment building featuring 76 apartment units and 3,400 square feet of retail space.

In another post this month, I am featuring an article from the Business Journal of Milwaukee regarding other apartment developments that are under consideration for the Park East. During the past few years, many apartment complexes were converted into condominium units. During this period, there weren't many rental options for renters. It is in the downtown community's best interest to provide housing for condo owners as well as renters.

The writers for BizTimes.com provide more details about Mandel's Corcoran Lofts. Click here for more information about this new development>>>


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posted by David Ray @ 1:35 PM 0 comments

Current Listings!

New Price! Western Leather Lofts #109 - $220,000

Are you looking for a truly, urban experience? Then look no further than this spacious, two-story warehouse-lofted condo. This amazing unit features exposed Cream-City Brick, original wood post and beam construction, and concrete-heated floors (condo dues include heat!). Structural steel open staircase follows a two-story Cream-City Brick wall and flows to one spacious one bedroom loft which can easily be separated into two spacious bedrooms, den, and loft. Sunlight floods the entire condo through its six oversized windows. Stainless-steel appliances, custom birch cabinets, and large island with breakfast bar complete the well-thought-out kitchen. The full bathroom features Cream-City Brick, whirlpool, and heated towel rack. Other conveniences include in-unit laundry and one indoor parking space. Western Leather Lofts is a pet-friendly association. Free Home Warranty! Click here to read more about this warehouse-lofted condo>>>


New Listing! Western Leather Lofts #119 - $239,900

This Historic Brady Street two-story loft features exposed Cream City brick, post/beam construction, concrete-heated floors (dues include heat!), steel open staircase and oversized windows. Entertain guests or grill on the spacious private terrace (only one of seven units that feature a terrace). Relax in the whirlpool tub while your towels heat up on the towel rack. Other conveniences include one indoor heated parking space, in-unit laundry, central vacuum system, and one storage locker. Historic Brady Street features boutiques, restaurants and nightlife. Lake Michigan, Milwaukee River and downtown are just a short walk away. "Walkers' Paradise" (91 out of 100) per walkscore.com. Western Leather Lofts is a pet-friendly condominium association. Click here to read more about this warehouse-lofted condo>>>


New Price! Riverbridge #304 - $265,000

Located on the banks of the Milwaukee River you will enjoy the peace and quiet that comes with the Riverbridge lifestyle. Stroll along the Riverwalk or shop at nearby Historic Brady Street. Surround yourself in sunlight and enjoy the river views from the sunroom, great room, both bedrooms, and balcony. Entertain guests in the Great Room that features maple floors. The chef will appreciate the stainless steel appliances, gas range, under-mounted stainless steel sink and convenient pull-out cabinet drawers. Grill on the balcony that features a gas line (never replace another propane tank). Need space to get ready in the morning? Spread out in the master bathroom that features a double vanity. Relax and unwind in the whirlpool tub. Riverbridge is a pet-friendly condominium association. Click here to read more about this riverfront condo>>>


New Price! Riverbridge #404 - $275,000

Are you looking for a condo that you can simply move into? This top-floor, riverfront unit is one you won’t want to miss. Entertain guests in the spacious great room that features hardwood floors. The gourmet chef will appreciate the granite countertops, stainless-steel appliances, under-mounted stainless-steel sink, and convenient pull-out shelves. The split bedroom design offers privacy. Spread out in the master bathroom that features ceramic tile, double-vanity, whirlpool tub, and shower stall. Everything is done for you – from the freshly painted walls to the custom window treatments. Walk to your favorite East Side establishments (“very walkable” per walk-score.com) or relax on your private balcony that overlooks the Milwaukee River. Riverbridge is a pet-friendly association! Click here to read more about this top-floor, riverfront condo>>>


For more information about these featured properties, please contact me at (414) 412-7980 or e-mail at dray@shorewest.com.


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posted by David Ray @ 1:16 PM 0 comments

Downtown Milwaukee Events – Through April 30, 2009

COMEDY

Mar 26 - Brian Regan - The Riverside
Mar 28 - Je'Caryous Johnson's "Love Overboard" - The Riverside
Apr 9 - David Sedaris - The Riverside
Apr 17 - Rodney Carrington - The Riverside
Apr 18 - Louis CK - The Pabst Theater
Apr 25 - Sinbad - The Pabst Theater


DINING/CULINARY

Mar 15 - Pancake Breakfast - Urban Ecology Center
Mar 18 - Fast and Flavorful - Milwaukee Public Market
Mar 19 - Dinner and A Movie - Discovery World
Mar 19 - Kilawat Restaurant Recipies - Milwaukee Public Market
Mar 19 & Apr 16 - Vegetarian Potluck - Urban Ecology Center
Mar 20 - World Wine Tour: Class #4 - Bacchus
Mar 25 - Arts & Science of Cooking Techniques - Milwaukee Public Market
Mar 25 - Cooking Demo w/ Sergio & Rainer - Vino 100 Milwaukee
Mar 25 - Nuevo Latino Night - Fuzion Cafe & Lounge
Mar 26 - Sunny Southern France - Milwaukee Public Market
Thru Mar 27 - World Wine Tour - Bacchus


FAMILY EVENTS

Mar 15 - Dora the Explorer Live - Milwaukee Theatre
Mar 21 - All About Plants: Just for Kids - Urban Ecology Center
Mar 27, Apr 3 & 24 - Money Minder Workshop - Betty Brinn Children's Museum
Thru May 31 - Smokey Bear & Woodsy Owl: Home Sweet Home Exhibit - Betty Brinn Children's Museum


FILM

Thru Mar 19 - Mysteries of the Great Lakes - Humphrey IMAX Theater / Planetarium
Thru Mar 19 - Seven Wonders - Humphrey IMAX Theater / Planetarium
Thru June 11 - Ghosts of the Abyss - Humphrey IMAX Theater / Planetarium
Thru Oct 1 - Sea Monsters - Humphrey IMAX Theater / Planetarium


MUSEUM EXHIBITS

Thru Apr 4 - Thinking Outside the Treasure Chest - Milwaukee Public Museum
Thru Apr 5 - Works from the Rhineland Industrial Museum - MSOE's Grohmann Museum
Thru May 25 - Night of the Titanic - Milwaukee Public Museum
Thru May 25 - Titanic:The Artifact Exhibition - Milwaukee Public Museum
Thru June 11 - Rock Stars 2 - Milwaukee Public Museum
Thru Aug 15 - Numismatics! Selections from the MPM Collection - Milwaukee Public Museum
Thru Oct 1 - Astronaut at the Daniel M Soref Planetarium - Milwaukee Public Museum


MUSIC

Mar 15 - The Black Lips - Turner Hall Ballroom
Mar 15 - Touch of the Leprechaun: Celtic Piano Music - WI Conservatory of Music
Mar 17 - Gaelic Storm - The Pabst Theater
Mar 17 - Plain White T's - The Rave
Mar 17 - Pat McCurdy - Shank Hall
Mar 17 - Ce - Mo's Irish Pub
Mar 17 - The Lobster Boys - Up and Under Pub
Mar 18 - Madeleine Peyroux - The Pabst Theater
Mar 18 - Bonnie "Prince" Billy - Turner Hall Ballroom
Mar 18 - Wed. Night Live Webcast feat. Mathew Haeffel - Bad Genie Rock Lounge
Mar 19 - Jam Presents Ben Folds - The Rave
Mar 19 - Bleeding Through - The Rave
Mar 19 - Family Groove Company - Miramar Theatre
Mar 20 - Zakir Hussain & Shivkumar Sharma, Maestros in Concert - The Pabst Theater
Mar 20 - The Oddity Faire - The Rave
Mar 20 - The Katz Sass Blues Band - Shank Hall
Mar 20 - The Good Hex - Shank Hall
Mar 20 - Stealin' Strings - Miramar Theatre
Mar 21 - The Copper Box - Shank Hall
Mar 21 - Trio de Janeiro Live - Vino 100 Milwaukee
Mar 21 - Cowboy Brothers - Wells Street Tavern
Mar 23 - Less Than Jake - The Rave
Mar 24 - Rachael Yamagata - Turner Hall Ballroom
Mar 25 - Wed. Night Live Webcast feat. Mathew Haeffel - Bad Genie Rock Lounge
Mar 26 - Vital Remains - The Rave
Mar 24 - Rachael Yamagata - Turner Hall Ballroom
Mar 26 - We Six Trio with Slide Hampton - Wisconsin Conservatory of Music
Mar 27 - Black Label Society - The Rave
Mar 27 - Brian Jonestown Massacre - Turner Hall Ballroom
Mar 27 - Johnny Cash Tribute - Shank Hall
Mar 28 - The SubCity Take Action Tour - The Rave
Mar 28 - Raul Malo of the Mavericks - Shank Hall
Mar 29 - Walter Trout &g the Radicals - Shank Hall
Mar 29 - Songs of Love and Pilgrimage - Wisconsin Conservatory of Music
Mar 31 - Margot and The Nuclear So and So's - Turner Hall Ballroom
Mar 31 - Enter The Haggis - Shank Hall
Apr 1 - The Doobie Brothers - The Riverside
Apr 1 - Ladytron + The Faint - Turner Hall Ballroom
Apr 2 - Gaslight Anthem - Turner Hall Ballroom
Apr 3 - Morrissey - The Rave
Apr 3 - Los Campesinos! - Turner Hall Ballroom
Apr 3 - Blackened-a tribute to Metallica - Shank Hall
Apr 4 - O.A.R. - The Rave
Apr 4 - Cosmic Railroad - The Rave
Apr 4 - Pat McCurdy - Shank Hall
Apr 5 - Ukrainian and Eastern European Music - Wisconsin Conservatory of Music
Apr 9 - Brandi Carlile - The Pabst Theater
Apr 9 - Alejandro Escovedo & Carrie Rodriguez - Turner Hall Ballroom
Apr 9 - G.B. Leighton - Shank Hall
Apr 10 - Afton Live - The Rave
Apr 10 - Copeland - Turner Hall Ballroom
Apr 10 - The Who Tribute - Shank Hall
Apr 11 - Kansas w/ Symphony Orchestra - The Pabst Theater
Apr 11 - All American Rejects - The Rave
Apr 11 - Jason Seed - Shank Hall
Apr 12 - The AP Tour / 3OH!3 - The Rave
Apr 12 - The English Beat - Turner Hall Ballroom
Apr 14 - Sleepytime Gorilla Museum & Dub Trio - Turner Hall Ballroom
Apr 14 - John Scofield & The Piety Street Band - Shank Hall
Apr 15 - Ezra Furman and the Harpoons - Shank Hall
Apr 16 - Kreator / Exodus - The Rave
Apr 16 - Alesana - The Rave
Apr 16 - Flamenco with Peter Baime - Wisconsin Conservatory of Music
Apr 17 - Chris Cornell - The Pabst Theater
Apr 17 - (Hed)p.e. - The Rave
Apr 17 - Adrian Belew Power Trio - Shank Hall
Apr 18 - Cannibal Corpse - The Rave
Apr 18 - Pezzettino, Jentri Collelo, Miles Nielsen - Shank Hall
Apr 19 - The White Tie Affair - The Rave
Apr 20-21 - Prometheus Trio - Wisconsin Conservatory of Music
Apr 21 - Ray LaMontagne - The Riverside
Apr 21 - Bamboozle Road Show - The Rave
Apr 22 - Peter, Bjorn and John - The Pabst Theater
Apr 23 - Indigo Girls - The Pabst Theater
Apr 23 - Girlyman - Shank Hall
Apr 24 - M. Ward - The Pabst Theater
Apr 24 - New Found Glory - The Rave
Apr 24 - Rocco Deluca and The Burden - Turner Hall Ballroom
Apr 24 - Chapman Party of Five, Corruptible - Shank Hall
Apr 25 - Neko Case - The Riverside
Apr 25 - Dragonforce - The Rave
Apr 25 - My Mourning Belle - Shank Hall
Apr 29 - Franz Ferdinand - The Rave
Apr 29 - Colin Hay - Turner Hall Ballroom
Apr 30 - The Killers - The Rave
Apr 30 - Robbie Fulks - Shank Hall
Apr 30 - Matt Schroeder, fingerstyle guitar - Wisconsin Conservatory of Music


SPORTS – MILWAUKEE ADMIRALS – BRADLEY CENTER

Mar 20 - Lake Erie
Mar 22 - Hamilton
Mar 25 - Houston
Mar 28 - Iowa
Apr 3 - Lake Erie
Apr 5- Chicago
Apr 10 - Chicago


SPORTS – MILWAUKEE BUCKS – BRADLEY CENTER

Mar 15 - Boston Celtics
Mar 18 - Orlando Magic
Mar 21 - Portland Blazers
Apr 1 - Los Angeles Lakers
Apr 4 - Memphis Grizzlies
Apr 8 - Atlanta Hawks
Apr 11 - Oklahoma City Thunder
Apr 13 - Orlando Magic


SPORTS – MILWAUKEE WAVE – US CELLULAR ARENA

Mar 15 - Detroit Ignition
Mar 29 - NJ Ironmen


THEATER

Mar 18, Apr 15 - Soul Fire, Spoken Word, & Slam Open Mic - Miramar Theatre
Mar 24 - A Bronx Tale starring Chazz Palminteri - Marcus Center for the Performing Arts
Mar 27-29 - UWM Opera Theatre: Orpheus in the Underworld - Univ. of WI-Milwaukee
Thru Apr 5 - Blues In The Night - Broadway Theatre Center
Apr 17-19 - Florentine Opera presents The Magic Flute - Marcus Center for the Performing Arts
Apr 18 - Milwaukee Shakespeare: Othello - Broadway Theatre Center


VISUAL ARTS

Thru Mar 22 - Prints of the Flora and Fauna of America - Milwaukee Art Museum
Thru Mar 29 - Seeking the Light: Studio Glass by Luke Jacomb - Villa Terrace
Thru Mar 31 - Scenes of Santorini - Cafe Brucke
Thru Apr 3 - Johnny Naugahyde: Just In Case - Inova Institute for Visual Arts
Thru Apr 9 - David A Sear: Landscapes – Danceworks
Apr 17- May 9 - Creative Fusion 2009 - Milwaukee Institute of Art & Design
Thru Apr 26 - Jan Lievens: A Dutch Master Rediscovered - Milwaukee Art Museum
Thru May 3 - The Natural Motif: New Drawings by Natalie Settles - Charles Allis Art Museum
Thru May 30 - New Acquisitions - DeLind Fine Art
Thru Oct 4 - Whatever is There is a Truth: Robert Rauschenberg’s Prints - Haggerty Museum


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posted by David Ray @ 12:48 PM 0 comments