65-Unit Condo Project Planned for Milwaukee

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A developer plans to build 65 condominiums overlooking the Milwaukee River on N. Commerce St., creating a new residential project on one of that street's few remaining riverfront sites.

Jim Metz said Monday that he hopes to begin construction by late fall or the spring of 2007 on his six-story development, which will take about a year to complete. It will replace two small industrial buildings, at 2056 and 2070 N. Commerce St., that Metz plans to demolish in September.

Most of the units will have two bedrooms, with around 1,600 to 1,700 square feet, and will be priced at around $290,000, Metz said. The development will include one-bedroom units with prices starting at around $175,000, he said.

The development also will have 10,000 square feet of commercial space, including a 5,000-square-foot restaurant with a patio overlooking the river, Metz said. He said he's close to signing a lease with a restaurant operator.

The project will include two levels of parking, with 160 spaces, Metz said. Development costs will total around $15 million, including $1.45 million that Metz recently paid for the parcels, which total just more than 56,500 square feet, according to assessment records. The parcels were sold by Robert Page of Tampa, Fla.

The riverfront location will allow Metz to include boat slips and a riverwalk. Aside from being along the river, the location has the advantage of being near N. Humboldt Ave., which serves as a connector to the shops, restaurants and night clubs on nearby E. Brady St., Metz said.

"It's a phenomenal site," Metz said.

His other projects include the nearby Kane Place, which has 14 condos just south of E. Kane Place between Humboldt Ave. and Pulaski St. The units are nearly complete, with 13 of them already in the process of being sold, Metz said.

Metz said Kane Place also will have a street-level pizzeria that will be operated by Marc Bianchini, whose family also operates Osteria del Mondo and Cubanitas restaurants.

Metz's latest development marks yet another project for Commerce St., where numerous condo buildings have sprouted in recent years.

The current projects include The Edge, a 133-unit project that Chicago-based Tandem Developers LLC plans to build on 2 acres at 1890 N. Commerce St., just upriver from the Holton St. bridge. Tandem has been marketing those units since spring.

Legacy Real Estate Development LLC's 72-unit Union Point, which is bordered by Commerce St., Riverboat Road and Humboldt Ave., is nearing completion.

Also, the 21-unit Park Terrace row houses were recently developed by Vetter Denk Architects Inc. at 2001-2049 N. Commerce St. Just behind the row houses are 16 additional homes under construction.

Finally, Mandel Group Inc. continues development of the 75-unit Rivercrest project, on Commerce St., east of N. Humboldt Ave.