Milwaukee architect and developer Peter Renner is planning to build a 10-unit condominium development on vacant land in the Third Ward.
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The Third Ward site where Peter Renner plans to build a 10-unit condominium development.[/caption]
The project will include three-story 1,400-square-foot townhouses with two-car garages on the first floor, kitchen, living and dining rooms on the second floor, and two bedrooms and two bathrooms on the third floor.
The character of the project will be similar to the look of Renner's other Third Ward condo development, Harbor Front, Renner said.
The development is planned on a strip of land Renner owns at 610-628 E. Summerfest Place, near the South Gate to the festival grounds. If approved, Chris Corley, who specializes in selling luxury condominiums, will be the broker for the property.
Since the Great Recession, multi-family housing developers in Milwaukee have shifted their focus
from condominiums to apartments. Renner said he is doing this project because he is “bored.” And also because he doesn’t build cheap things.
“I like to do higher quality developments,” Renner said. “No one else is building condos. When I built Harbor Front, a typical two-bedroom sold for $300,000, now it goes for $550,000. There is a big demand.”
Renner hasn't decided on a price point yet, but thinks the condos will start around $500,000. He hopes to begin construction in spring.
Renner developed the BreakWater, 1313 N Franklin Pl., in 2009, a 20-story tower on Milwaukee’s east side that includes 101 condominiums, Harbor Front on the Milwaukee River in the Third Ward and Hansen’s Landing across the river in Walker's Point.
Renner will present plans for his project to the Third Ward Architectural Review Board on Wednesday.