Milwaukee-based New Land Enterprises is planning another multi-family project in the city’s Walker’s Point neighborhood, not far from the firm’s newest apartment building that just opened this spring.
New Land is considering plans to build an apartment building at the northeast corner of West Mineral and South Fifth streets, said Tim Gokhman, director of New Land. While the details are not finalized, the building would be six stories tall and contain between 60 and 70 units, he said.
And although New Land is still working out the floor plans, there would be a mix of studios, one-bedroom and two-bedroom units. There could also be larger units, such as those with two bedrooms and a den or with three bedrooms.
Gokhman said that, pending city approvals, construction could begin in spring 2021 and finish a year later. New Land has filed plans for the project with the city’s Board of Zoning Appeals.
New Land’s interest in the project is driven by the site’s location in the hot Walker’s Point neighborhood and the success of its six-story, 48-unit Quartet apartment project located southwest of South Second and West Mineral streets, also in Walker’s Point.
Quartet opened its doors in late May. Gokhman said it is 100% leased, despite the fact it opened to residents in the midst of the COVID-19 pandemic.
“Quartet, I think, was very successful because Walker’s Point is a great neighborhood, and I think this type of product works really well here,” he said. “This product serves a niche of the market that Quartet tells us is very under-served.”
The firm is still figuring out the best way to solicit community feedback on its latest project. Gokhman said New Land would normally hold an in-person community meeting. Now it has to consider what format, such as a virtual meeting, would give the developer good feedback while also confirming to CDC safety recommendations.
Gokhman noted that one of the biggest concerns industry experts had at the start of the pandemic was over collecting rent from tenants. So far, this hasn’t proven to be a huge issue with tenants of newly constructed buildings, he said.
But something he has observed for the Milwaukee market is that absorption seems be slowing. He said it’s unclear whether that is due to market saturation or the ongoing pandemic. Even so, the Quartet example shows that apartment projects can still find success in the current climate.
“Quartet shows us if the project is executed well, it can still perform extremely well in this marketplace,” Gokhman said.
