Brookfield-based R.A. Smith & Associates Inc. is conducting an economic feasibility study for the City of Brookfield. The study encompasses a four block-area for possible commercial re-development at 124th Street and Capitol Drive in Brookfield. The project is bounded by 124th Street , Lisbon Avenue, 128th Street and Capitol Drive. The study includes conceptual site plans that reflect alternative retail uses, an economic analysis comparing design and construction costs with perceived rental income, preliminary plans for grading, traffic and utilities and an analysis of streets, utilities and other infrastructure costs.
Milwaukee-based New Land Enterprises LLP recently broke ground on its four-unit Terrace Row townhouse development on a vacant lot at the southwest corner of Kilbourn Avenue and Cass Street in downtown Milwaukee. The units will be priced between $1.25 million and $1.75 million, and will be between 3,637 and 4,100 square feet. For more information go to www.terracerow.com.
California-based Inland Commercial LLC recently hired CB Richard Ellis to handle leasing for the Granville Complex, which is the former Northridge Mall at West Brown Deer Road and North 76th Street in Milwaukee. Northridge closed in 2003 and is today mostly vacant. Pick ‘n Save, Menards and Value City stores occupy a portion of the former Northridge. The 2 million square foot property has 900,000 square feet of building space. "What is needed is an illustration and a demonstration of how the very large buildings of the Granville Complex as well as the Younkers and J.C. Penny buildings can be utilized beyond just a mall use. Virtual tours and artistic/architectural renderings are some of the means intended to help reveal the great potential of the Granville Complex. The virtual tours will be 360 degree high-definition tours and are intended to provide an interactive virtual real estate tour of the Granville Complex wherein the viewer can see what the real estate looks like from the comfort of his or her computer. The artistic and architectural renderings will have 3-D, high-definition, interactive components wherein the viewer can visualize and participate in proposed tenanting concepts, layouts, and designs, said Michael Mirharooni, president of Inland Commercial LLC. "In addition to the use of innovative technology, the vision for the Granville Complex is also based on our creativity of use. The newly-expanded, dynamic list of potential uses includes traditional retail; specialty retail; business condos; clearance centers; outlets; professional offices; vocational schools; medical offices; trade schools; call centers; banking and recovery facilities; corporate headquarters; entertainment; restaurants; art-related ventures; museums; performing centers; indoor sports centers; indoor raceway; fitness and wellness centers; wholesale distribution; indoor/outdoor auto mall; light industrial; day-care facility; business incubators; research and development facility; churches; swap mall center; storage facilities; community center; government building; banquet facility; library uses; convention center; auditorium; brewery; television and movie production facility, and showroom gallerias for various trades."
The slowdown in the residential real estate market has spurred one building to offer significant discounts. Waukesha-based Westridge Builders Inc. announced that it is offering a $20,000 discount on home/lot packages in their subdivision and all of their spec homes. "This slowdown has forced us to work even harder to meet the needs of the buying public and one of those main needs is competitive pricing," said Westridge president Carl Tomich. "It is definitely a buyer’s market and we want to let everyone know that we intend our pricing to be the most aggressive in the market."
Wisconsin Commercial Real Estate Women are calling for entries from all over the state for its 7th annual Real Estate Development Showcase Awards program. For more information, call Heather Westgor at (414) 755-3365.
