Mandel takes over First Place development

Milwaukee-based Mandel Group Inc. announced that it has been appointed developer in charge of completing the First Place on the River condominium development. First Place is the 152-unit development at 106 W. Seeboth St. situated at the confluence of the Milwaukee and Menomonee rivers, immediately south of the Historic Third Ward in Milwaukee. The project is in receivership and the original developer, KeyBridge Development Group, is no longer involved. Construction of the building is nearly complete and occupancies began in November of 2007.

Mandel Group has been retained by Michael Polsky, the court-appointed receiver, to guide completion of construction, marketing and sales of the remaining condominiums, and management of the resident association. "We’ve spent considerable time examining the building, the floorplans, and the overall potential for the successful completion of this development," said Robert Monnat, chief operating officer for Mandel Group. "Our approach in guiding all future work will specifically focus on creating value for the buyers of units at First Place."

Mandel Group said key participants in the development team that has been assembled to complete First Place are Milwaukee-based Smocke & Associates Inc., which was previously retained by Polsky to monitor construction work in the building will continue to oversee completion of construction. Chicago-based Garrison Partners will direct marketing and sales activities for the units.

All parties have been retained by Polsky to complete the project. "With proper direction going forward, this can be an outstanding property for downtown condominium buyers," Monnat said. "The views from units in the building range from great to stunning." The development team is working closely with Polsky to implement an integrated plan for completion and sale of the condominium units.

"All parties are committed to proper completion of the development and creation of value for the future owners living at the property," Polsky said. "The appointment of Mandel Group to oversee completion the project gives everyone comfort in knowing that an experienced developer will be directing all activities going forward."

"We are working closely with Stefaniak Realty and Coldwell Banker to make sure that all current buyers experience smooth closings," Monnat said. "We appreciate the amount of effort each of these professionals has invested in the development."

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