Construction has started on the first phase of the Library Square condominium project in downtown Cudahy.
Milwaukee-based Burke Properties is developing the three townhome buildings planned for the Library Square project that will be attached via a skywalk to a new public library in Cudahy.
The development will be part of the city’s master-planned residential and retail area along Packard Avenue.
The first building will include six 1,880-square-foot townhomes.
According to Burke Properties president Paul Votto, the incremental approach to developing the condos and a strong market mean construction could start without any presales.
"There are a couple of factors that enable us to go forward without a pre-sale requirement on the town homes," Votto said. "First and foremost, the initial phase involves only six units, so the risk is manageable. If the initial phase of construction included a higher number of units, a pre-sale requirement would likely be imposed by both our lenders and internally by our own underwriting standards. Secondly, our construction lender, Associated Bank, and our company both feel Cudahy is a strong, untapped market for this type of product. Ultimately it comes down to risk assessment on the part of the developer and the lender."
One townhome has already been reserved, according to project spokesperson Monica Schick.
Westbrook Construction Corp., an affiliate of Burke Properties, is the general contractor for the Library Square townhomes. The architect for the development is Engberg Anderson Design Partnership.
Dec. 20, 2002 Small Business Times, Milwaukee
