The average cost of a 2,200-square-foot, four-bedroom home in the Milwaukee area is $324,750, according to Coldwell Banker's annual home price comparison index, which was released recently.

The Milwaukee home market is the most expensive in the state of Wisconsin and ranks 162nd out of 317 housing markets in the nation. In general, according to the index, the Milwaukee housing market is more expensive than most markets in the South and the Midwest, but is less expensive than most markets on the coasts.

The cost of a 2,200-square-foot four-bedroom home in the Milwaukee area is more expensive than a similar home in Houston ($169,736), Indianapolis ($200,343), Cleveland ($213,833), St. Louis ($225,875), Kansas City ($238,875), Detroit ($248,750), Cincinnati ($250,530), Charlotte ($258,780), Pittsburgh ($263,964), Dallas ($302,198), New Orleans ($310,000), Phoenix ($320,000) and Atlanta ($324,000). However, such a home in Milwaukee is less expensive than a similar home in San Francisco ($1.45 million), Washington DC ($808,500), Chicago ($732,333), Miami ($638,333), San Diego ($618,750), Baltimore ($556,000), Seattle ($555,839), Philadelphia ($515,225), Minneapolis ($415,767), Denver ($400,000) and Las Vegas ($362,000). To compare home prices in different markets using the Coldwell Banker online calculator, visit hpci.coldwellbanker.com.

Milwaukee-based Engberg Anderson Design Partnership Inc., an architecture and interior design firm that also has an office in Madison, recently opened an office in Tucson, Ariz. Partner William Williams will be the partner in charge of the Tucson office.

"We have experienced unprecedented growth during the past two years in all of our focus areas: health care, housing, cultural and libraries," said Williams. "With so much work outside of the state, it's a natural progression to expand the firm's reach into high-growth markets. I immediately felt a similarity between Milwaukee and Tucson. The people are friendly with an honest and forthright style of communication. Coupled with the fact that Tucson, like Milwaukee, has this amazing artistic identity and creative wellspring – it's a perfect fit for us. And, with fall and winter approaching, I'd say we timed this just right!”

The rotating sign on top of the grain elevators at the former Pabst brewery in downtown Milwaukee was lit up and set into motion for the first time in seveal years Tuesday night.

Zilber Ltd. founder Joseph Zilber  is redeveloping the former brewery property into a mixed-use urban neighborhood. The brewery was closed in 1996. The rotating sign has been dormant for several years and was severely damaged by heavy winds and neglect. It is one of the largest signs in southeastern Wisconsin and one of the highest signs in the city.

Zilber hired Poblocki Sign Company to repair the sign, which now says "The Brewery" on one side and "A Joseph Zilber Historic Development" on the other side. The sign repair project included the replacement of motor parts and gears that rotate the sign, an entirely new face and updated lighting fixtures and bulbs. Electrical installation for the sign was done by Dairyland Electric, one of several minority-owned contractors working on the brewery redevelopment project.

Last week, Urban Spaces, a partnership of Milwaukee residents Christopher Dobs, Damingo Jones and Daniel Block, announced that they have entered into a contract to purchase the three-story, 14,000-square-foot historic blacksmith, wagon and paint shop building at the former Pabst brewery from Zilber. The sale price was not disclosed. The partners plan to move their upscale European flower shop, Urban Sense, from 5911 W. Vliet St. in the Washington Heights neighborhood to occupy half of the space on the first floor of the building in the former Pabst brewery. They also plan to create four two-story loft condos in the brewery building.

The brewery building they are buying was originally built in 1894, was modified in 1910 and is located just south of what will be the corner of West McKinley and 11th Street.

The partners plan to have two retailers on the first floor of the building, including the flower shop. They are negotiating with a tenant for the second retail space.

The condos will be priced between $250,000 and $350,000. They will feature amenities such as fireplaces, balconies, high ceilings and Cream City brick interior walls. This will be the first project in the former Pabst brewery complex with residential condos.

Urban Sense specializes in upscale and unusual flowers from exotic areas such as South Africa, New Zealand and Ecuador. Urban Sense caters to a large number of corporate clients and specializes in more unusual and spectacular wedding and special event floral arrangements. The shop will, in addition to flowers, feature a variety of fun and upscale gifts including candles, stationary, high-end pots and natural bath products.

The Urban Spaces project is expected to begin construction early next year and be complete next fall.

Zilber plans to sell some of the buildings in the 20-acre complex to other developers and redevelop some of the buildings himself.

Other developers that are purchasing properties in the Pabst brewery complex include Madison-based Gorman & Co., which plans to convert the 138,000-square-foot former keg house into the 92-unit Blue Ribbon Loft Apartments, and Boiler House LLC, an investors group led by developers Max Dermond and Charles Trainer, which plans to redevelop the brewery's 55,000-square-foot former boiler house. The Albion Group Architects will move its offices to 4,000 square feet of space in that building.

Commercial real estate owners, developers and brokers are invited to submit their best properties for consideration in a free listing for the annual Small Business Times Honor Roll of Prime Leasable Commercial Real Estate.

For the first time, properties can be submitted online at www.biztimes.com/primeleasablespace

The Honor Roll is a directory of prime office, industrial and retail sites with space for lease in Milwaukee, Waukesha, Walworth, Racine, Kenosha, Washington, Ozaukee and Sheboygan counties.

The best sites will be selected by the SBT editorial staff and will be featured in the Honor Roll, which will be published in the SBT Commercial Real Estate & Development Book. The publication will be unveiled Thursday, Nov. 8, at the SBT Commercial Real Estate & Development Conference.

In addition to the Honor Roll, the publication will include exclusive market research, interviews with real estate experts and an updated SBT Municipal Development Guide.

The conference will take place at the Italian Community Center.

The theme for this year's conference will be "Back to the City." The breakfast event will explore the demographic factors that are driving more people to move back to urban settings and will examine the best practices of successful downtowns.

The annual conference is presented by SBT in conjunction with the Robert B. Bell Real Estate Program of Marquette University and the Commercial Association of Realtors Wisconsin (CARW).

This year's panel of expert speakers will provide insight about the rebirth of urban commercial real estate markets from a variety of perspectives. The panelists will include:

Afshin Ghazi, founder and president of The Ghazi Company, a Charlotte, N.C.-based commercial real estate development company that plans to build a $120 million mixed-use development with 200 condos, a 175-room boutique hotel and 100,000 square feet of entertainment, restaurant and retail space in downtown Milwaukee.

Tony Smith, practice leader at S. B. Friedman & Company, a specialized real estate and development advisory firm based in Chicago. Earlier this year, Smith and the Friedman team completed a strategic analysis of downtown projects for the Milwaukee Department of City Development.

Brian Vandewalle, founder and president of Vandewalle & Associates, a Madison consulting company that has opened an office in Milwaukee. Vandewalle created various economic development and downtown revitalization and master plans for several Wisconsin communities and has been hired by the City of Milwaukee as a consultant to create its City Strategic Economic Development Plan.

The conference will be emceed by Professor Mark Eppli, Ph.D., chair of the Robert B. Bell Real Estate Program at Marquette. Opening remarks will be provided by Richard "Rocky" Marcoux, commissioner of the Milwaukee Department of City Development.

The annual conference is intended to provide insight for people and companies with interests in the commercial real estate industry. More than 400 people, including Realtors, developers, brokers, architects, contractors, subcontractors, environmental experts, engineers, financial experts, municipal planners, attorneys and others, attended last year's conference.

The conference also will include the presentation of the Robert B. Bell Best Public Partner Award to a local government official who has been an advocate for commercial real estate development.

To view an online registration form for the SBT Commercial Real Estate & Development Conference, visit http://www.biztimes.com/biztimes/CREfaxForm.pdf.