Wednesday, February 19, 2020

New upscale apartments planned for downtown Kenosha

Artist’s rendering of the proposed Lake Terrace apartments proposed for downtown Kenosha

An Illinois real estate developer is confident the demand is high for luxury housing in downtown Kenosha.
Lake Terrace LLC has agreed to purchase vacant city-owned property at the southeast corner of Fifth Avenue and 59th Street and move forward with a $17 million residential development.
The five-story apartment building would include at least 63 high-end units and 75 indoor parking spots.
The $100,000 deal also includes a vacant city lot directly west of the property to be used for an additional 35 outdoor parking spaces.
The contract is expected to be finalized by the City Council on Wednesday.
“The key to this development is (the city) is not putting any money into it,” said Zohrab Khaligian, a city redevelopment specialist for Community Development. “The developer has come forward and is taking the risk. We’re encouraging it. They’re very excited about it.”
Projected monthly rent is $1,300 to $1,500 for one-bedroom units, $1,800 to $2,000 for two bedrooms and $2,300 to $2,400 for three bedrooms.
Those prices might seem affordable in comparison to Brindisi Towers, a $79.5 million apartment/condominium high-rise slated for a 1.6-acre parcel located directly north of the Kenosha Municipal Building on 52nd Street between Seventh and Eighth avenues.
Prices range from $500,000 for one-bedroom units up to $1.5 million for three-bedroom penthouse suites. Monthly apartment rent is expected to be $2,500 to $4,000.
“Brindisi Towers is kind of a different animal because they’re building up 10 stories,” Khaligian said. “(Lake Terrace) is more of a low-rise (building), but you can still see the lake, even from the first floor of this development. Basically, you have the lake right on your front door step.”

"We spend 21 million dollars (40 percent of the cost) to attract a hotel ...Kenosha gets a 17 million development  with no taxpayer money involved. It's the difference in leadership in the last 30 years in Racine."

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