Developers Tim Gokhman and Ann Shuk plan to build a 20-story apartment building northeast of East Kilbourn Avenue and North Van Buren Street in downtown Milwaukee.
Gokhman is a director of New Land Enterprises LLP, which originally proposed an apartment tower at the site, and another one at the southeast corner of the intersection. Called Bookends, the project was placed on hold during the Great Recession.
Gokhman and Shuk are revitalizing the project on their own, separately from New Land, Gokhman said. For now they are working on the north tower of the project. The south tower could be built in the future, but there are no current plans for it, Gokhman said.
The tower northeast of Kilbourn and Van Buren will be similar to the previously planned tower already approved by city officials, with some adjustments to the specific layout, Gokhman said. It will have about 200 to 250 units, he said. Rents have yet to be determined, but they will be at market rates and will appeal to a high end clientele, Gokhman said.
If financing is obtained, construction could begin by the end of the year, Gokhman said. The financing is expected to come from private sources, he said. It will take about 18 months to construct the building.
“(The project) never went away as a concept,” Gokhman said. “The pace and level of interest (from lenders and investors) has picked up in the last six to 12 months.”
The apartment market in downtown Milwaukee has been hot lately and several apartment developments are planned, under construction or have been completed recently in and near the downtown area.
“The apartment market continues to be great,” Gokhman said. “There’s a lot of (construction) activity in the marketplace. But this project is geared to the upper end of the market.”