by Adriana Pop, Associate Editor
Wangard Partners Inc. has begun construction on a three-phase apartment project in downtown Milwaukee’s Park East corridor. According to JSOnline, the project’s first phase is a $21 million, 104-unit apartment complex at the southwest corner of North Jefferson and East Lyon streets. The project will also include 7,000 square feet of commercial space and an underground parking structure.
BizTimes reports that Wauwatosa-based Wangard recently purchased the 1.25-acre block from RSC & Associates for $1.5 million. The Oak Park, Ill.-based company had also planned to develop apartments at the site, which it acquired from Milwaukee County in 2007, but was unable to obtain financing. Originally known as Park East Square, the project has been renamed Avenir by Wangard.
Wangard expects to complete the project’s initial phase by next fall. The complex will offer studios, one-bedroom and two-bedroom units, with rents ranging from $1,200 to $2,000 per month. According to Stewart Wangard, the company’s chairman and chief executive officer, and Tony DeRosa, vice president of development, construction will be financed through loans from Associated Bank and The Private Bank.
Avenir’s second phase will consist of a five-story, 95-unit apartment building on Milwaukee Street, while plans for the third phase are pending.
In Milwaukee’s Walker’s Point neighborhood, Wangard is planning a mixed-use development that would include approximately 60,000 square feet of retail space, 60,000 square feet of office space and 60 apartments. According to BizTimes, the company has an option to purchase a vacant 8-acre parcel for the site, and is currently conducting due diligence for the project.