One, the 83-unit apartment building that is the first phase of Mandel Group Inc.‘s North End development, is almost completely leased. The development is located along the Milwaukee River in the Park East corridor in downtown Milwaukee.
All but one of the units has been leased, and there are applicants for the final unit, Mandel officials say. About 75 percent of the residents have moved to the building from outside of the city, said Mandel senior vice president Richard Lincoln.
"There is a strong pent-up demand for new apartments in the downtown area," he said. "There really haven’t been any market-rate apartments built downtown in the last 8 or 9 years."
In addition, Mandel has obtained a letter of intent its first retail tenant for the building, said Lincoln. He declined to name the tenant, which will occupy about 3,000 square feet of the building’s 12,000 square feet of retail space.
Mandel hopes to break ground next year on the second phase of The North End project, which would include 150 to 160 apartments and about 1,000 square feet of retail space. However, that depends on Mandel obtaining financing for the next phase, and the credit markets for new developments are extremely tight, Lincoln said.
Once it is fully built out, the North End will have a total of 7 or 8 buildings with about 500 total residential units.
BizTimes Milwaukee managing editor Andrew Weiland recently toured One at the North End and talked with Lincoln. CLICK HERE to watch the video below to see that interview and photos of the building.