In the aftermath of a rare instance where a portion of freeway was actually REMOVED, new development is taking place in downtown Milwaukee:
After three years, a small slice of the promise of the 64-acre Park East redevelopment area on downtown Milwaukee's northern edge became reality Wednesday.
Ground was ceremonially broken on The Flatiron, a project that will bring 38 condominiums to a 10,200-square-foot vacant parcel at 1541 N. Jefferson St. The developer, Legacy Real Estate Development LLC, of Deerfield, Ill., announced the plans just over a year ago and began marketing the condos through Shorewest Realtors.
As of Wednesday, 11 units have been sold in advance of construction, allowing Legacy to secure construction financing from The Private Bank and recently complete its purchase of the city-owned parcel for $230,800.
Grading work will begin in earnest within a week or two, said Legacy owner Rod Engel, with the construction project to be completed by late summer 2007. Engel expects to have 75% of The Flatiron's units sold by then, saying increases in mortgage interest rates over the past year haven't greatly dampened demand for downtown housing. The condos are priced from $169,900 to $299,900.
Comments