Oak Brook-based Renaissant Development Group LLC announced this week that Park Lafayette, its 20-story twin tower condominium development on Milwaukee’s east side, is on schedule and will top off around July 4. The project will have 280 condominiums and is expected to be complete in 2009. So far 83 units have been sold.
The developers made the announcement about the topping off so early because they want to ensure the public that the project is progressing and distinguish it from other condo developments that are facing financing problems, said spokesman John Gardner. For example, the 151-unit First Place on the River project in the Fifth Ward is in receivership. That project is about $60 million in debt and about nearly half of the units remain unsold.
In contrast, the Park Lafayette project is fully financed and its financing is not dependent on condo sales, Gardner said. "They’re absolutely financially stable and everything is moving forward," he said. "They want everyone to know, ‘We’re doing great.’" Amalgamated Bank in Washington D.C. provided the construction loan for the project, said Lynn Buckley, director of sales and marketing for Park Lafayette. "They have fully funded us for construction," she said.
Park Lafayette is located on the corner of North Prospect Avenue and East Lafayette Place. Vertical construction of the condo’s two towers began in October 2007, and the first residents are expected to move in January 2009. Both towers will be completed in June of 2009. The prices for the Park Lafayette range from $240,000 to $893,000.
"We are excited to be approaching the final stages of this project," said Warren Barr, president of Renaissant Development. "The project is in great shape, and we are looking forward to the day when residents will be able to move into their new luxury condos. We hope they enjoy living in Park Lafayette as much as we have enjoyed building it."
