Developers of The River Tower, a proposed European-style 25-story glass façade tower slated for North Edison Street along the Milwaukee River in Milwaukee, say the project is on hold.
But the partnership’s option on the sliver of land targeted for the project has expired, and that after the developers had already received an extension on the option as they labored to sell 60% of the building in order to secure financing.
After getting to 40% presales, the project was dealt a blow when a primary backer pulled out. Frederick Vogel, who had been heading up the Milwaukee office of Gastrau Fuerer Vogel, LLC, the Third Ward architectural firm designing the project, announced his resignation in May.
"There have been people who have asked for their earnest money back," project spokesperson Jeff Mawicke said. "We are in the process of restructuring our financial equity."
But while Mawicke was upbeat about the project, the fact that the land is back on the market could present a problem.
"They did not apply for an extension," said John Bratina of the Department of City Development. "We are going to basically re-evaluate this site and see what the city wants to do with this property."
The energy-efficient residential tower of double-paned glass and aluminum was designed by the firm now known as Gastrau Fuerer, which has most of its operations in Switzerland. The project is being developed by a partnership headed up by David Gastrau.
Former Hunter exec forms Apexx Group
Former Hunter Business Group executive vice president and COO Mark A. Peck has formed a business-transformation consulting firm, Apexx Group.
"Apexx is dedicated to helping mid- to large-size companies capitalize on new opportunities to increase their revenues while improving overall costs associated with going to market," said Peck, who had been with the Hunter marketing firm for 22 years and that firm’s COO since 1997.
Peck said Apexx services would include market research and analysis, purchasing-behavior-based segmentation, market development, business, market and customer planning, communications strategies, and customer analysis and relationship management.
The firm is located at W303N6411 Irene Ln. in Hartland; www.apexxgroup.com.
Wilson forms cardiovascular advisory
Well known Milwaukee cardiologist Dr. Bruce C. Wilson has opened Wilson Heart Care Associates at 316 E. Silver Spring Dr., in Whitefish Bay. The firm is a hybrid fee-for-service medical practice, with Wilson serving as a cardiovascular advisor.
Cedar Campuses changes name, expands
Cedar Campuses, a 625-employee provider of health-care, senior housing, education and rehabilitation services in West Bend, will now be known as Cedar Community, the organization reported. Meanwhile, the firm is offering new services, such as assisted-living apartments and a geriatric specialty medical center, both on the main Cedar Lake campus in West Bend. The Cedar Lake Health Care Center building is being renovated to include 54 one- and two-bedroom assisted-living apartments, with the facility to be called Cedar Bay-East.
Cavanaugh Ink becomes Cavanaugh Interactive
Wauwatosa-based design firm Cavanaugh Ink has marked its 20th anniversary with a name change to Cavanaugh Interactive to reflect its expanded range of services, said Nancy Cavanaugh, company founder. With roots in print communication, the firm also deals in Internet and intranet design. Cavanaugh began designing Web sites in 1995. The firm is on the Web at www.cavanaughinteractive.biz.
July 5, 2002 Small Business Times, Milwaukee
