Condo Towers Win Funds

Brought to you by

East side development to be completed in 2008

By TOM DAYKIN
tdaykin@journalsentinel.com

Posted: May 2, 2006

A condominium development with two towers planned for Milwaukee's east side has obtained construction financing and plans to begin construction in June, the developer said Tuesday.

The 291-unit Park Lafayette development, which gained city approval in December, expects to begin foundation work this summer, with construction of the 20-story towers expected to begin next spring, said Warren Barr, president of Renaissant Development Group LLC.

The units should be completed starting in the spring and early summer of 2008, Barr said.

The project, east of N. Prospect Ave. and north of E. Lafayette Ave., has received construction financing from Amalgamated Bank, of Washington, D.C., Barr said.

Marketing began earlier this year for the development's south tower, which will have 147 units. About 50 of those units have been reserved by prospective buyers, said Lynn Buckley, director of sales and marketing for Park Lafayette. Those reservations require a $2,500 refundable deposit.

The project has received a strong reception in the market, Buckley said.

The plan is to begin converting those reservations to signed purchase agreements beginning in August, she said. The effort will be helped by a full-size model of a two-bedroom condo that will open this summer at Park Lafayette's sales center, 2025 N. Summit Ave.

Park Lafayette's units start at $222,000 for a one-bedroom unit with 744 square feet, Buckley said. Units now being marketed that are still available run as high as $450,000 for a two-bedroom unit with 1,248 square feet, she said.

Along with the development's north tower, with 134 units, the project will have 10 townhouses, as well as a 446-space underground parking garage.

Park Lafayette is aiming to fill a niche of offering high-quality units in a location overlooking Lake Michigan that are priced below Milwaukee's two newest high-rises: Kilbourn Tower and University Club Tower. Kilbourn Tower's average unit price is $900,000, while University Club Tower's average price is north of $1 million.