The group that's planning a
$19 million apartment project on Milwaukee's East Side has acquired the properties that comprise the development site.
It's the first sign in months the development could still move forward.
The group, E North LLC, plans to construct a 90-unit building at the southwest corner of East North and North Summit avenues, according to an application filed with the city in late January.
In the time since, E North has acquired the four properties at the development site: Two of which contain single-family homes, while the other two contain four-unit apartment buildings.
Those most recently acquired by E North include the two small apartment buildings, which were sold by Randy Bryant. According to state records, Bryant sold them for $1.2 million total. They have a combined assessed value of $692,000, according to city records.
It followed the acquisition of one of the single-family homes along North Summit Avenue back in the spring. State records show its owner, Sally Holt, sold the house to E North for $200,000. It is assessed at $203,000. The sale of the other single-family home had not yet been posted by the state, but Bryant said in an interview he is aware that E North recently acquired it.
Bryant said it was his intention since he first acquired the two rental properties to assemble them for development. He said he's had interest from a number of developers over the years, but only agreed to sell them under certain conditions. Chief among those was that a high-rise not be constructed there.
Bryant said he requested from any potential buyer that any building to be developed there not exceed 85 feet in height, which is what current zoning allows for the two parcels. Anything taller would create a "tunnel effect" along the street, he said. The apartments are next door to the Clock Tower Building and across the street from Ascension Columbia St. Mary’s Hospital.
The project was presented at a neighborhood meeting in February. But it appeared, at least publicly, that the project had not progressed since then. The property acquisitions are the latest sign the development is still moving forward.
Jeff Fleming, a spokesman with the Department of City Development, said the project has "not been on anyone's radar." Alderman Nik Kovac, who represents the area the apartment complex would be built, did not immediately respond to a request for comment.
Little is known publicly about E North. The application for a zoning change filed identifies Brian Wagner as managing member. Ed Lawton, a lawyer with Madison-based Axley Brynelson LLP, is named as the owner's agent. E North is registered to a Waunakee address.
When reached on Tuesday, Lawton forwarded a request for comment to the ownership group. The group did not immediately respond.
