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FOR IMMEDIATE RELEASE ON SEPTEMBER 30, 2004


 

Construction begins on Park Terrace project

Development to add 37 homes in Milwaukee’s Beer Line B

Construction has begun on Vetter Denk’s $14 million dollar Park Terrace project. The Park Terrace project will feature 37 new homes. Twenty-one of the new units will be row house condominiums, called the Park Terrace Row Houses, at 2001-2049 N. Commerce Street. In addition, there will be 16 single-family condominium homes that will be known as the Park Terrace Single Family Bluff Homes at 801-937 E. Reservoir Street. The first construction phase will focus on the row houses and six of the single-family homes on the 1.5-acre site overlooking the Milwaukee River and downtown.

Nearly half of the 37 planned units had been sold before construction started, with prices starting at approximately $219,900 for a row house and just under $400,000 for a single-family home. Vetter Denk broke ground on the project September 18th.

“This is a solid example of the residential investment we continue to see for the City of Milwaukee,” said Mayor Tom Barrett. “With it comes an estimated $14 million that will be added to our tax base.”

This project will be one of the last developments created for the city’s Beer Line B area, a section of underutilized land on a bluff just north of downtown that previously featured a tangle of railroad tracks serving Milwaukee’s breweries. Since 1997, more than 650 new housing units been completed or are under construction in the area, representing nearly $128 million in new investment. With construction beginning on Park Terrace, only 1.3 acres remain to be developed with residential projects in the Beer Line.

The Milwaukee Metropolitan Sewerage District (MMSD) had owned the parcel of land on which Park Terrace will be built. The City of Milwaukee’s Department of City Development worked with MMSD in requesting proposals for the land and selling it. When Vetter Denk’s design was selected for the site, the city worked closely with the firm on clearing title to the parcel. “The land has incredible views of the city and access to the Milwaukee River below. Vetter Denk saw that,” said DCD Acting Commissioner Rocky Marcoux. Vetter Denk purchased the land at fair market value.

The Park Terrace row houses should be ready for occupancy by next summer, explained Kelly Denk, principal of Vetter Denk. “Single Family Bluff Homes buyers will have the opportunity – pre-construction – to work directly with the architects to custom-design their homes.” Altius Building Company is the general contractor.

Vetter Denk has been active in the Beer Line B neighborhood for several years. The company has won several awards for the design of its 66-unit River Homes and the RiverCourt condominiums across the street from Park Terrace at 1942, 2000 and 2050 N. Commerce. Also in the Beer Line B corridor, Vetter Denk designed the award-winning Kilbourn Landing at the Milwaukee Rowing Club site, and the Booth Street stairs, which provide access to Commerce Street from the Kilbourn Park bluff.