• Development Case Study: Park House
 

Property History
Designed by architect Herb Fritz, a student of Frank Lloyed Wright, Park House Apartments were built in the late 1960s and had fallen into neglect by the mid 1970s.  The circuit bankruptcy court appointed WMC receivership due to delinquent mortgage payments. It is a prairie style apartment cut into a hill and consists of 40 apartment homes.  It includes ten one-bedroom, 25-two bedroom, and five studio apartments.  The community is conveniently located two blocks north of WMC's office.   

 
Property Location:
Conveniently located on South Park Street, just south of major employment centers like the University of Wisconsin-Madison, Meriter Hospital, St. Mary's Hospital, and City and State government.
 
Property Type
  • Russ Endres, Principal
  • Carl Van Rooy, Partner
  • FGS: The Restoration Company
  • WMC
  • WHEDA
  • Arlan Kay, AIA: ANI
  • M&I Bank of Southern Wisconsin
Development Goal:
  • Improve and preserve neighborhood; Wisconsin Management neighbor of development
  • Strong project rehabilitation for property repositioning
  • Preserve architectural integrity
  • Lease to a variety of residents to stabilize property
 
Marketing
To market the property, Wisconsin Management advertised in both apartment magazine publications and the internet, as well as spoke directly with employers of local businesses.  The goal of the marketing was to create a diverse and improved resident profile. 
 
Rehabilitation
Before renovation the property had become outdated and the resident profile needed to be improved.
With FGS: the Restoration Company's services, WMC was able to transform the property with many new amenities.  Each apartment now has new appliances, kitchen and bathroom cabinets, lighting and flooring.  Bathrooms have new stools and faucets.  The apartments also received energy efficient windows to reduce heating costs.  Many decks were repaired or replaced, siding was replaced and the exterior was painted.  A new roof was added and the landscaping was revamped and much of the concrete was replaced.
 
Financing
Wisconsin Management Company worked with WHEDA to redevelop Park House.  Twenty percent (eight apartments) were set aside for households who earn no more than 50 percent of area median income. WHEDA  provided 30-year tax-exempt bond financing   
 
End Result
Resident profile was diversified and improved.  Each apartment received many new amenities while preserving the architectural integrity of the property.  Neighbors are delighted.
 
Rehab Included:
  • New appliances
  • Kitchen and bathroom cabinets
  • Lighting
  • Flooring
  • Plumbing (stool, faucets)
  • Repaired and replaced decks
  • New roof
  • New windows
  • Landscaping
  • Concrete replacement
  • Exterior painting
  • Replaced siding