The Redevelopment Authority of the City of Milwaukee has purchased a 10,000-square-foot commercial condominium from Gorman & Company for $1,276,200, or about $128 per square foot. The RAC will lease the space to the City of Milwaukee Library System under the New Market Tax Credit Program.
This condominium project, still under construction, is part of the Villard Square Condominiums that is being developed by Gorman & Company. The project will total four floors, with the three upper levels built out as multifamily residential units. Total building area will be approximately 40,000 square feet. Construction has been ongoing since summer 2010 and delivery is expected by the end of 2011.
Please see CoStar COMPS #2135441 for more information on this transaction.