Innovative live/work development is recognized as best new residential project of 2006 in the Business Journal Serving Greater Milwaukee Real Estate Awards
Milwaukee, April 17, 2007
The Park East Enterprise Lofts, a recent project by Madison-based real estate development leader Gorman & Company, was selected as “Best New Development: Residential” at the Business Journal Serving Greater Milwaukee Real Estate Awards in Milwaukee April 5. An example of Gorman & Company’s innovation and leadership in urban infill development, the project borders the northern edge of the city’s Park East Redevelopment Plan and was conceived to help spur economic development in the area.
The Lofts consist of 85 one-, two-, and three-bedroom units specifically designed for entrepreneurs to establish residence and businesses in this vital new neighborhood. About 75 percent of the units are offered below market rate, making the project among the first in the area to address the need for affordable housing. The street level includes 17 live/work units with a storefront entrance, as well as a mix of amenities, common areas, and retail space.
The building’s generous common areas include two conference rooms and public mezzanine gathering spaces, which provide adequate resources for social networking and private business meetings. The project also features 2,600 square feet of retail space; a movie theater for residents’ personal use and business presentations; a community room that features a fireplace, kitchen, and a rooftop deck overlooking downtown; a fitness center; and a fully-equipped business center.
“Our goal was to address both housing and economic development needs by providing entrepreneurs the resources needed to start their own business, and that vision carried through the entire development process,” said Tom Capp, chief operating officer for Gorman & Company. “As a result, the development embodies the critical importance of instilling and fostering a sense of community, both inside the building and within the surrounding neighborhood and city.”
Gorman & Company, Inc., headquartered in Madison, Wis., was founded in 1985 with a mission of creating high-quality housing opportunities for a variety of income levels. Through the use of public and private partnerships, Gorman & Company specializes in the renovation of historic buildings and the renaissance of traditional urban neighborhoods, and is renowned for its quality craftsmanship, dependability, and sensitivity to historic preservation. A recognized leader and trusted community partner, Gorman & Company created Five Star Management Services to service the residents of its developments. For more information or to view our portfolio, please visit www.GormanUSA.net.