by Adriana Pop, Associate Editor
A joint venture of Opus Development Co. L.L.C. and Mercy Housing Lakefront has won the competition to build a $60 million mixed-use project on a county-owned site in the Park East corridor, The Business Journal reported.
The Milwaukee County Board of Supervisors picked their proposal from three finalists that also included Wangard Partners Inc. of Milwaukee and Waukesha-based HSI Properties L.L.C.
County supervisors awarded the Opus/Mercy team an option to buy the parcel, which is located south of North Water St. between North Broadway and North Milwaukee St., for $2.5 million.
Opus and Mercy are eyeing a fall 2014 construction start. Their plans call for three linked structures (pictured) that would encompass 190 apartments, 33,000 square feet of retail, 21,000 square feet of office space and 340 interior parking spaces. Korb Tredo Architects is the project’s designer.
The development is expected to create 100 construction jobs and 100 full-time jobs, and generate between $750,000 and $1 million in annual property tax revenue.
In other development news, BizTimes reports that HSI Properties L.L.C. has kicked off construction of The Standard at East Library, a $19 million mixed-use project on the site of the old library at 1910 E. North Ave. on Milwaukee’s East Side.
Designed by Engberg Anderson Architects, the five-story building will feature 99 market-rate apartments, a 16,000-square-foot gray box space for the East Milwaukee Library, as well as 2,400 square feet of retail space. Completion is slated for late 2014.
Rendering: Korb Tredo Architects