Builder, bank partner on Mission Lakes
Things might be clearing up for the troubled Mission Lakes condominium development on Florence Lake in Okauchee. After the second phase of the development went into foreclosure earlier this year, Equitable Bank, which took over the property, is taking a different approach to the situation.
The bank has partnered with Lemel Homes, which will finish the remaining 34 units at a higher level than was originally planned, in hopes that the bank will recover more of its investment and maintain current residents' property values.
"This was kind of a different situation, and what we realized quickly is there were two ways to do it," said Equitable Bank Vice President Tom Sattler. "The regular way is closing it out as quick as possible and taking our losses, but what was determined was the idea to get back as much as we can. That's where Joe (Lemel) made the difference."
Sattler said the typical procedure for banks in these situations is to quickly and cheaply finish the project and slash the prices to get rid of the property as soon as possible. He said several builders approached Equitable to do the project with these ideas in mind, but one builder, Joe Lemel of Lemel Homes, offered to take the different approach.
"He came up with a proposal that to finish off the models at a higher level, in terms of features, than what was originally planned and more in a motif that ties the building together," said Larry Granof, vice president of sales for Lemel Homes. Granof said Lemel is doing extensive landscaping on the outside to make the building "feel a bit more like home."
"Right now there is a lot of brick and it is 'cold'; we wanted to warm it up a bit and change the whole appearance of the building. The building is now clearly identified with four monuments we put up, and now when someone says 'Mission Lakes,' people will know what they're talking about," said Granof.
Granof said Lemel Homes is no stranger to struggling projects. He said the company worked to help current owners facing foreclosures on several subdivisions back in the mid-'80s. "We helped the current owner through difficult times by creating special financing or packages or a way to market the company," he said.
Granof said this project falls right into the category. "People are familiar with the project and fire and that nothing has been done in a fair amount of time, so now we're doing a little makeover and bringing the project to the market as the same project but with a different feel," he said.
A 2004 fire destroyed the condominium project just as the first phase of units was nearing completion; it cost $5 million in damage to the project. The original developer of the project, Tim Michelic, said those losses and a tough real estate market plagued the development's success and eventually led to the foreclosure. Mission Lakes went up for sheriff's sale March 30.
Both the bank and builder have positive outlooks for the project's success.
"We don't want to be in the real estate business, but we're going to make the best of it and make back some, if not all, of our investment," said Sattler.
Granof said a grand opening is planned for later this month. Anyone interested in Mission Lakes condominiums should contact Lemel Homes, (414) 228-1800.
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