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MILWAUKEE-Locally-based New Land Enterprises is looking to spend $60 million to build a 27-story condominium tower here. The tower, which will back up to Lake Michigan, will be built onto the rear entrance of a 110-year-old mansion at 1550 N. Prospect Ave. The property is protected by historic status, and the developers say that the house will be kept intact, and even renovated inside.

The company has owned the property for three years, and has zoning approval to build a tower as high as necessary to contain 188 units. The company seeks a variance to allow a wider tower, which will include one-to-two units per floor for just up to 35 units, than the city currently allows on the property. “It’s just a technicality,” says Tim Gokhman with New Land. “It’s a wonderful location for a high-rise, and we’re able to restore and preserve the old mansion. Our historic preservation consultant came up with the design.”

He says the main entrance to the tower will be through the front door of the mansion, “that’s where the concierge will sit. The gathering room will be on the second floor, and the third floor will have a ballroom and even guest suites offered for use by the residents.” The starting price for the units, averaging about 2,500 sf each, will be just more than $1 million, Gokhman tells GlobeSt.com.

He says that Milwaukee has a pretty solid condo market right now, and that this site is even better than most. “This is a niche building, it will have features most others don’t offer, including a 75-foot lap pool with a view of the lake.” The tower will also have an enclosed, five-story parking garage and a fitness center.

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