Milwaukee Condo & Real Estate Scene

The Business Journal of Milwaukee: Kilbourn Tower’s $1 million makeover

After four short years, the 33-story Kilbourn Tower has already completed a $1 million makeover.

During the past two years, the housing market has posed challenges for real estate developers and Kilbourn Tower sales have been fairly flat during this period. The improvements were made to help sell the remaining 18 units.

The first renovation was Kilbourn Tower’s club floor. According to Pete Millard, writer for The Business Journal of Milwaukee, the “6,000-square-foot common area…had the look and feel of a hotel conference room.” Now, it “resembles a country club setting.” Other renovation projects include the building’s lobby and several unsold two-bedroom units.

My Thoughts

This should be a wake-up call for all other condominium associations. The bar continues to be raised with every new condo development. The Kilbourn Tower Condominium Association was given an opportunity to complete a survey asking for suggestions on how to improve the building’s image and curb appeal. Every association should revisit this topic every few years to keep up with the competition.

As a REALTOR® who specializes in the downtown condo market, I tour buildings that were completed at various points during Milwaukee’s history. Some buildings take a proactive approach for keeping the building and the common areas current to meet today’s pickiest buyers. Other associations have taken a relaxed approach and have left their building sit in the same condition as it was built. Don’t get me wrong, not all retro is bad; but, most associations need to budget for these types of makeovers in order to compete.

Kilbourn Tower has faced stiff competition since it broke ground. At the time this tower broke ground, the high-end, luxury condo market, was fairly new to Milwaukee. Since Kilbourn Tower, we welcomed University Club Tower and The Breakwater. Despite the sluggish housing market, sales of The Breakwater are doing fairly well.

The developer of Kilbourn Tower made one brilliant decision - seeking the opinions of the existing condominium owners in the building. Based on the survey responses, the developer made the recommended improvements which is not only going to help him sell the remaining units, but also to maintain and enhance all of the existing owner’s investment in the building.

Millard provides more details regarding Kilbourn Tower’s makeover. Click here to read why the developer felt it was necessary to make these renovations to compete in the current condo market>>>

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Labels: Real Estate

posted by David Ray @ 7:48 AM