A new development agreement has been reached on the Library Square condominium project in Cudahy, city officials announced today.
The 32-unit condo complex went into foreclosure in December after developer Jeffrey Rodman failed to pay Milwaukee-based Marshall & Ilsley Corp. $3.6 million. Rodman completed the complex in 2007, but only sold one unit. A 30-unit second phase of the project never began.
The new developer for the project, CLSC LLC, has assumed M&I Corp's position in the foreclosure and will become the owner of Library Square once the real estate closing is final, according to city officials.
The project will remain condominiums, and 10 of the vacant condo units are now under contract, according to city officials.
Under the new development agreement with the city's Community Development Authority (CDA), CLSC has until Aug. 21, 2012, to begin construction of Phase II. If the new condos are not built, the city and CDA can buy back the Phase II parcel for $1. The new agreement also calls for additional parking to be built for residents.
"The CDA is excited to finally have activity on this project," said CDA chairwoman Sara Eberhardy. "With greater occupancy will come the need for new businesses. This is just one step toward revitalizing Cudahy's historic downtown area."
New developer takes over foreclosed Library Square project in Cudahy
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