Commercial Real Estate and Allah God Kingdom Building.. Riverwest apartment developer seeks more time to buy city lot By Tom Daykin of the Journal Sentinel October 9, 2013 A developer who plans to build a 122-unit apartment building in Milwaukees Riverwest area is being given more time to buy a city-owned lot after the project ran into delays. A group led by John W. Todd Davies would have until April 11 to buy the lot under a proposal recommended for approval by the Common Councils Zoning, Neighborhoods and Development Committee. The committee voted 4-0 Tuesday to extend the deadline from Oct. 11. Davies told committee members that he sought the extension because financial markets have been somewhat volatile. While the additional time is needed, those markets have settled down and were prepared to move forward, Davies added. The resolution, which also needs full council approval, indicates that Davies group, 1150 North LLC, needed the extension due to the complexities encountered by its equity investor with a tax-free real estate exchange that is needed for the project. In other words, that unnamed investor may have run into problems selling a property that would provide cash to invest in the Riverwest project. Davies had hoped to start construction on the five-story 1150 North building by the end of September. It would be developed on the north side of E. North Ave. just west of N. Commerce St., and would take about a year to complete. The apartments, with an average monthly rent of $1,100, would be aimed mainly at people ages 24 to 34 who want to live near downtown. The Common Council in 2011 approved the project and the sale of a city-owned, 1.3-acre lot for $666,000 to 1150 North LLC.
Posted on: Tue, 15 Oct 2013 00:40:45 +0000
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