A Madison-based development company, Neutral, has secured a significant milestone for its ambitious project in downtown Milwaukee. The firm is preparing to commence construction on a 32-story luxury apartment tower named The Edison, following the successful acquisition of $133.3 million in construction financing. Initially proposed as a 15-story building in 2021, the structure underwent several revisions before receiving final approval from city authorities last year. The development will feature 378 residential units, public plazas, retail space, and ample parking. This project marks Neutral’s first venture into Milwaukee and follows the near-completion of their flagship mass timber apartment building in Madison.

Construction Milestones and Project Details

In the heart of Milwaukee's vibrant urban landscape, a new architectural marvel is set to emerge along the picturesque Milwaukee River. The site at 1005 N. Edison St. will soon witness the rise of The Edison, a 32-story luxury apartment tower that promises to redefine the city's skyline. After months of meticulous planning and negotiations, Neutral, a Madison-based development firm, finalized the construction financing this week. The funding package includes senior financing from Bank OZK in Little Rock, Arkansas, and mezzanine financing from Pearlmark Real Estate in Chicago, with JLL Capital Markets facilitating the transaction.

The Edison's journey began in 2021 when it was initially proposed as a modest 15-story building. However, the vision expanded significantly, culminating in the current design that received final approval from the City of Milwaukee last year. Preparatory work, including test piles, commenced last year, setting the stage for the two-year construction timeline. Neutral has enlisted C.D. Smith, a general contractor based in Fond du Lac, to bring this ambitious project to life.

Beyond the residential units, The Edison will offer residents and visitors a range of amenities. Two public plazas will grace the north and south ends of the site, while 7,000 square feet of retail space will animate the ground floor. An amenity floor and 288 parking spaces round out the offerings. Additionally, Neutral plans to lease 100 parking spaces from a nearby city-owned garage, subject to approval by the Common Council.

This project not only represents Neutral's inaugural venture in Milwaukee but also underscores the firm's commitment to sustainable, innovative architecture. As The Edison prepares to break ground, it sets the stage for further transformative developments in the city, including Neutral's proposed $700 million mixed-use complex adjacent to the Marcus Performing Arts Center.

From a journalist's perspective, The Edison symbolizes the resilience and adaptability of developers in navigating challenging capital markets. It highlights the potential for cities like Milwaukee to embrace cutting-edge, eco-friendly designs that enhance both functionality and aesthetics. The success of projects like The Edison could inspire more developers to push boundaries and contribute positively to urban landscapes.