BROOKSTONE HOMES, INC. PLANS $15 MILLION MILWAUKEE HOUSING PROJECT

October 27, 2006 - Brookstone Homes, Inc. is planning to build a $15 million single-family residential subdivision on 21 acres in Milwaukee near North 99th Street and West Bradley Road.

The 56-lot subdivision, called Milwaukee River View, will be built by Brookstone Homes, Inc. on vacant land that was previously owned by the city’s Redevelopment Authority.

Inland Cos. Inc., Milwaukee, acquired the 21-acre site from the city for $10,000 and spent more than $400,000 preparing the site for development. The low purchase price reflected the high investment required to prepare the land for development, said Mark Schnoll, a partner and spokesman for Inland.

“This is a prime example of public-private cooperation for development of a challenging property for new housing.” said Joel Brennan, executive director of the Redevelopment Authority. The city expects to add $400,000 in annual tax revenue when the development is completed, Schnoll said.

Inland and Brookstone are teaming up to develop the land. The most expensive part of preparing for development was relocating We Energies’ electricity and natural gas lines underground cables owned by AT&T and Time Warner Cable, said Schnoll. “It was a real challenge rerouting all the utility lines and pipes,” he said.

The Brookstone development is the second single-family residential subdivision announced for Milwaukee’s far northwest side in the last month.

General Capital Group, Fox Point, purchased 16 acres near the intersection of North 91st Street and West Good Hope Road from Mt. Zion Assembly of the Apostolic Faith, and plans to create a 34 lot subdivision. General Capital will sell lots in its $10 million development, which will be called Oak Hill, for $90,000 to $130,000. Homes constructed on the site will sell for $300,000 to $500,000.

The Brookstone development lots will sell for up to $70,000 and the homes will cost $250,000, said Pete Lange, Director of Sales for the Oconomowoc Company.

The homes will be marketed to people who work in city government or for Milwaukee Public Schools employees who are required to live within the city boundaries. “We know the market is there,” Lange said.