Milwaukee Journal Sentinel, The - Up to 250 condos planned for St. Francis lakefrontA Chicago development firm has bought some land in St. Francis overlooking Lake Michigan and plans eventually to develop 225 to 250 condominiums.
Wexford Development Group has no immediate plans to begin that development, according to Don Price, the company's president, who said the purchase of the 7.5-acre parcel is a long-term investment.
Wexford's preliminary plans call for luxury condos within three buildings with eight to 10 stories each, Price said.
The land, which is east of S. Lake Drive and just north of the St. Francis-Cudahy border, was sold by Eastcastle Place Inc., a Milwaukee-based non-profit senior housing operator.
Eastcastle Place had purchased the land several years ago with plans to develop housing but instead decided to focus on its projects on Milwaukee's east side.
The St. Francis site is just south of The Landing at Park Shore, a condo development at 4100 S. Lake Drive. Another condo development, The Residence at Park Shore, is north of The Landing.
An affiliate of Wexford bought the parcel for $4 million, said broker David Boerke, of Grubb & Ellis/Boerke Co. Boerke represented Eastcastle Place.
Wexford has developed housing in Illinois, Indiana, Oklahoma, New Mexico, Mississippi and New Jersey.
Copyright 2005, Journal Sentinel Inc. All rights reserved. (Note: This notice does not apply to those news items already copyrighted and received through wire services or other media.)
Copyright 2005 Journal Sentinel Inc. Note: This notice does not
apply to those news items already copyrighted and received through
wire services or other media
Provided by ProQuest Information and Learning Company. All rights Reserved.
