After years of work on planning and financing, Madison-based real estate development firm Neutral held a groundbreaking ceremony Monday to celebrate the start of construction of what will become the tallest mass timber building in the Western Hemisphere.
The 31-story project, dubbed Neutral Edison, will rise at 1005 N. Edison St. along the Milwaukee River in downtown Milwaukee, with completion expected in 2027. Once finished, the high-rise will stand as a new entry into the city’s luxury residential market, and an example of sustainable urban development.
The project is pursuing aggressive environmental standards, including Passive House certification and Living Building Challenge 4.0 Core Certification.
Neutral estimates that the carbon footprint of the building’s construction materials will be 54% lower than a structure built using conventional materials. It estimates that the building’s operational carbon footprint and energy consumption will be 45% lower.
“it’s a really big day for us, because this will be a manifestation of what we are actually working on at Neutral in terms of sustainability, in terms of healthy living, in terms of tenant user experience, and last but not least, in terms of design and engineering,” said Daniel Glaessl, chief product officer at Neutral.
While exact rents are yet to be determined, Neutral CEO Nate Helbach, estimates the building will be at the high end of the downtown market. Neutral’s investor documents show that the projected average gross rent is $3,198.
The Edison will be the fifth luxury high-rise apartment tower built downtown in recent years. The last two, 333 Water and The Couture, have seen comparatively slower lease-ups than their earlier peers, 7Seventy7 and Ascent, leading some to question if the luxury apartment market downtown is nearing saturation.
Helbach disagrees.
“I think the (Edison) is completely differentiated due to our programming and sustainability,” Helbach said. “But even regardless of the building, if we just look at what’s happening in the market right now, I think we’re seeing somewhat of an anomaly.”
Helbach highlighted that 7Seventy7 and Ascent completed construction years apart, while 333 Water and The Couture opened at almost the same time, creating a temporary spike in vacancy that he anticipates will be absorbed by 2027.
For decades, the project site was home to a warehouse building for wholesale florist Rojahn & Malaney Co.
“It’s about using land and using it wisely,” said Mayor Cavalier Johnson, at the groundbreaking. “This site, like many others around the city, it’s being put back to work.”
Neutral, founded in 2020, proposed the Edison project in 2021 and increased the project’s size multiple times before sticking to the 31-story iteration that is being built.
“A lot of times we see projects go from big and grand to basically being downsized or downscaled because of financial considerations,” Ald. Robert Bauman said. “So I was very impressed with the team that they were looking to be bold, they were looking to be bigger, they were looking to be more grand.”
The project team includes structural engineers Thornton Tomasetti and Forefront Structural Engineers; architecture firms HPA and HDLA; general contractor C.D. Smith; and financing partners Pearlmark and Bank OZK.
More articles about The Edison:
- Retail space at The Edison will include L.A.-based coffee shop, grocery store
- Construction begins for downtown’s next high rise, The Edison
- Downtown high rise The Edison could see up to 2.4% cost increase due to tariffs
- Sustainability, democratized investment: How Neutral financed The Edison
- With financing closed, construction on The Edison could start in spring
See the full groundbreaking ceremony from WISN-TV Channel 12, a media partner of BizTimes Milwaukee:
