A proposed downtown Milwaukee condominium tower is nearing some critical points in its development timeline.
Presales of units in The River Tower, a European-style 25-story glass façade tower slated for North Edison Street on the Milwaukee River, are at 40% of construction cost, creeping toward the 60% mark necessary to nail down financing and break ground, according to a project spokesperson.
There is a degree of urgency in the presales process as the developers’ option to purchase the land, which is currently owned by the city, expires May 31, according to the Department of City Development (DCD).
The city already granted one extension on the option six months ago, and sources at the DCD could not say that anything apart from an executed construction contract would induce the city to issue another extension.
Project spokesperson Jeff Mawicke said he is optimistic that the partnership will be able to keep his option on the property until June, when he feels presales will be complete.
A billboard touting the project has been removed from the site.
The energy-efficient residential tower of double-paned glass and aluminum was designed by Gastrau Fuerer Vogel LLC, a Third Ward architectural firm which has most of its operations in Switzerland. The River Tower project is being developed by a partnership headed up by David Gastrau.
The firm’s moniker got shorter by one name earlier this month when Frederick Vogel, who had been anchoring the Milwaukee office, announced his resignation. In a letter to the media, Vogel said he and the Swiss partners "have been unable to define the focus of the company and to formalize a commitment to the Milwaukee office."
Vogel said he plans to continue his work locally for Atlas Development and General Capital Group.
Mawicke said Vogel’s departure will have no impact on the project, adding that Vogel was not involved in the design, which is now complete.
— Charles Rathmann
April 26, 2002 Small Business Times,Milwaukee
