Sunday, August 09, 2009

The Business Journal of Milwaukee: City approves Rivianna plan

On July 21, Milwaukee Common Council members voted in support of the latest mixed-use real estate development, Rivianna.


Rivianna, an $80 million proposed development, will be located along the banks of the Milwaukee River in Milwaukee’s Fifth Ward neighborhood. Rivianna, located at 236 South Water Street, will be located near Lighthouse Development’s $125 million South Water Works mixed-use development on East Pittsburgh Street.


Rivianna will feature three 15-story towers, 166 residential units, a 128-room hotel, and ground-floor retail.


Harry Drea, managing partner of Rivianna Development Group LLC, has thanked the neighborhood and city officials for support and is looking forward to breaking ground soon. According to Drea, they are continuing to work through the final stages of financing for the project.



My Thoughts


Rivianna and South Water Works are two recent examples of how the real estate market continues to show signs of life. Every so often, I read articles about how the real estate market is starting to show signs of improvement. Many real estate professionals are reporting that we have hit bottom and that we will slowly begin to see signs of improvement. During a time of hearing about cancelled projects, it is refreshing to hear about two projects that are moving forward.



Pete Millard, writer for The Business Journal of Milwaukee, provides more details about Rivianna and its impact on the City of Milwaukee. Click here to read more about the latest mixed-use development>>>



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Labels:

posted by David Ray @ 7:16 PM

4 Comments:

At 8:18 PM, Anonymous Dave Reid said...

Yup, it is good to see some projects taking steps forward. Now lets see if Rivanna finds some funding, then we'll know things are getting better.

 
At 10:06 PM, Anonymous CoachingByPeter said...

Many investors have strong feelings about real estate either for or against. It's better to stay only in those markets that are liquid that are easy to understand and deal with, and that offer an attractive compromise between risk and reward.

 
At 10:21 PM, Anonymous David Ray said...

Dave, I know I am jumping the gun with the optimistic news. Between The Brewery, Cityside Plaza, Aloft, South Water Works, and others - I can't help but think that lenders are more willing to provide the financing needed to make these proposals a reality. With so many projects canceled, any news regarding new developments should be seriously considered - especially mixed-use developments (not condo-only developments).

 
At 10:24 PM, Anonymous David Ray said...

CoachingByPeter, I agree that investors should consider those markets that are liquid and that are easy to understand. Timing is everything in real estate. One particular market might be hot during one period and cold the next. For now, it appears that the "Fifth Ward" is attracting a lot of attention for real estate developers. There's a lot of potential on that side of the Milwaukee River.

 

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