Aluxury high-rise proposed for East Kilbourn Avenue would be the first significant new condominium project in Downtown Milwaukee in more than 15 years.
New Land Enterprises unveiled plans in late June for Zenith, which would comprise 226 condos in a 25-story tower directly across the street from New Land’s mass timber marvel, Ascent MKE.
While developers have floated a handful of condo proposals Downtown – none the scale of what New Land is proposing – the last ones built were in 2012, in the upper floors of the Moderne building near Fiserv Forum. New Land believes Zenith will work because of that pent-up demand, the influx of corporate headquarters to Downtown and the project’s location.
“This is arguably the best site in the state of Wisconsin for a luxury condominium high-rise,” says Tim Gokhman, New Land’s managing director. “There’s nothing more walkable, and the views are absolutely incredible. It’s actually really special to be a few blocks west of the lake, because you get the lake view in the context of the entire city versus being right on the lake but not having the energy of the city in front of you. It’s really just the most dynamic site from the standpoint of views and access to culture, the lakefront, the art museum, cultural events and, of course, all of the restaurants and cafes.”
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Plans for the building, which is being designed Korb Architecture of Milwaukee, feature an L-shaped tower to create more highly sought corner units with additional views. Construction is expected to begin in July 2027, provided internal pre-sale targets are reached, and be completed by June 2029, Gokhman says. Early response has been strong; New Land says it sold an average of two units a day during the first week after it announced the project.
“We knew there would be demand, but the desire and enthusiasm for something on this scale has far exceeded our expectations,” says Rick Ruvin, a realtor with Falk Ruvin Gallagher, the agency leading sales efforts for Zenith.
The cost of the project hasn’t been set, Gokhman says, but he says Zenith “will deliver over $190 million of taxable value to the city. That’s critical. That supports a lot of city services.”
A Condo Logjam Finally Breaking?
Demand for condos has remained strong even as developers built apartments instead, deterred from condos by their distinct financing challenges. Among them: Condos, unless they’re presold, are speculative investments, vs. the surer, steadier income that comes from renters.
The dearth of new condos in the Downtown market has severely depleted supply, leaving frustrated buyers facing fewer choices, more competition and for the best units and higher prices.
The last condos to be built Downtown were completed around 2012 on the upper floors of Moderne, a 30-story building at 1141 N. Dr. Martin Luther King Jr. Dr. that includes 16 condo units on its top four floors but is mostly apartments. It was developed by Barret Lo Visionary Development, which also constructed The Couture, a 44-story tower at 909 E. Michigan St. that, when completed in 2024, became Wisconsin’s tallest residential building. The Couture features 322 high-end apartments but is absent any condos.
Gokhman says there’s pent-up demand for condos as energy has continued to return to Downtown. The COVID-19 pandemic led to a dramatic shift in workplace environments, with some companies initially opting for partial or fully remote workplaces before many companies began a push to have their employees return to their Downtown offices, either fully or in some hybrid form.
Gokhman also notes that Northwestern Mutual’s nearby $500 million redevelopment project, centered around the 18-story North Office Building at 818 E. Mason St., will bring an additional 2,000 employees from Franklin to Downtown at some point in 2027.
“Milwaukee continues to be one of the top markets in the country in terms of downtown office occupancy and return to work,” Gokhman says. “That has to do with multiple factors, including the strength of the companies that are headquartered Downtown and how rooted to Milwaukee they are. There’s also the ease of living Downtown.”
In addition to Northwestern Mutual bolstering its Downtown workforce, other large companies with deep local roots have shifted their corporate headquarters or major operations to the heart of the city, including Fiserv, Enerpac Tool Group, Milwaukee Tool and Regal Rexnord Corp., among others.
The immediate area around Zenith’s site has also seen considerable growth over the past decade, including Ascent MKE, a 25-story high-rise that opened in 2022 and lays claim to being the world’s tallest mass timber structure.
“We feel like we’ve been setting the stage for this for the last decade,” Gokhman says.
High-End Amenities
Zenith’s condos range from 770 square feet for a one-bedroom unit to about 3,700-square-feet for three-bedroom penthouses, with prices from $457,990 to $2.975 million. Residences would begin on the eighth floor so that even the lowest units will have lake and city views. Parking, the lobby and amenities will fill lower floors.
Inquiries are being received from potential buyers across multiple age groups and demographic categories, Ruvin says. “When you build a building like this and you have reasonable entry costs all the way up to penthouses, it’s really been appealing to just about everybody,” Ruvin says.
And interest, thus far, has been mainly local.
“The vast majority of people that have reached out so far have been local people, as well as some of whom have recently relocated to Wisconsin,” Ruvin says.
The building’s planned amenities include 24/7 door staff; onsite management; a two-story fitness center, pool, sauna and cold-plunge shower; indoor and outdoor gathering spaces; rooftop deck; private workspaces; golf simulator and pet spa. The units are designed with 9½-foot ceilings with floor-to-ceiling windows, large balconies and customizable finishings.
