Financing complete for two new Mandel Group projects
Two large projects move ahead this week as Mandel Group, Inc., announced late last week that the Wisconsin Housing and Economic Development Authority (WHEDA) has successfully completed the sale of $54.6 million of tax-exempt "Midwest Disaster Area Bonds" to private investors.
The proceeds of the bond offering are being used to fund first mortgage loans on the next phase of Mandel's "North End" project in Downtown Milwaukee and the firm's "LightHorse | 4041" mixed-use development in Shorewood.
An additional $7.75 million in tax-exempt bonds were placed directly by Mandel Group with private investors. Both developments are expected to begin construction in February.
The North End is a 500-unit residential neighborhood under construction on the Milwaukee River along North Water Street. The current phase will add 155 apartments, 20 percent of which will be offered at affordable rental rates.
LightHorse |4041 will include 84 apartments – with 20 percent offered at affordable rents – together with a new 18,000-square foot Walgreen's pharmacy and 204 stalls of public parking.
The total combined investment in the two developments is estimated by Mandel at over $71 million.
The developments were designed by Engberg Anderson Design Partnership. The North End will be constructed by Ray Hintz/CAS Construction Services, while LightHorse | 4041 is being built by VJS Construction Services, Inc.
Jimmy, not sure if that is sarcasm. But my comment is more to reflect that most the older buildings in this city are irreplaceable. You simply cannot rebuild them once they are gone. It is financially unfeasible. Take a look at most cities in Europe and how they have handled modernization of their cities. Rather than simply dropping existing structures they find a way to integrate with the existing buildings. That is a tactic we don't seem to have grasped in Milwaukee. The standard mentality in this city is level it and throw something up in its place. It's destruction of the city's heritage. Any architect worth their salt should be able to work within these guidelines but unfortunately it boils down to the contractor and saving every nickel. And the reality is that in several years this city is going to look extremely dated. The current style of aluminum clad buildings is a trend and will be out as fast as it came in.
I also hate change, where are the good old days?
The poor folks in Shorewood surely deserve government assistance. And who better than the destitute Mandel to spend those funds?
Only objection I have is that old irreplaceable brick buildings were removed to put up new buildings. I am aware that these buildings would have required extensive rehab and due to environmental pollutants present it wasn't feasible but man this city is starting to look terrible with these aluminum clad buildings. I urge the city that historic preservation should be on the forefront of consideration for each new project. In 5 years time this building style is going to look dated. Kind of like the 90's where every faucet or door knob was gold. Just looks tacky now. Aluminum clad condo buildings are not far behind.
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