Condos take up residence in downtown Janesville
Photo
The Peters Building at 117 E. Milwaukee St is the first downtown Janesville building to be marketed as condominiums. The building has been renovated by Bob and Nancy Kimball of Janesville.
Photo
Bob and Nancy Kimball are testing the waters for downtown Janesville condominiums in the renovated Peters building, which they have owned for 20 years. A 900-square-foot condo is on the market for $93,000. It features 9- and 10-foot ceilings, central air, a new kitchen, gas fireplace, new fixtures and flooring and off-street parking.
JANESVILLE — Quality housing is imperative to revitalize downtown Janesville, study after study has suggested.
A Janesville couple are ready to test that theory. Long involved in downtown rental apartments, they are shifting gears to see if affordable condominiums will catch the eyes of young professionals who want to live where they work.
Bob and Nancy Kimball recently put a two-bedroom condo on the market on East Milwaukee Street, about 75 yards from the busy Main-Milwaukee intersection.
The 900-square-foot condo, which offers off-street parking, is a first for the downtown market, said Christine Moore, managing director of the Janesville Design & Development Center.
If the condo sells, it could be the first of many, as the Kimballs have 11 other units that they plan to convert to condos in the building. Once known as the Peters Building, the Kimballs have renamed it One Seventeen East Condominiums.
"We really don't know if there's a market for it," Nancy Kimball said. "We think there is, but you really don't know until you try."
The Kimballs have owned the building for 20 years and have traditionally rented the upstairs apartments on a short-term basis. Past tenants include bank presidents, health care and auto industry executives.
The condo lists for $93,000.
"They've got a really good price point," said Gale Price, the city's manager of building and development services. "At just under 1,000 square feet, you can't build for that.
"It's a heckuva opportunity for young professionals who want to live downtown, build up some equity and not piddle money away on rent."
The Kimballs have researched the condo conversion for 10 years and have seen it work in other downtowns.
One unit is for sale, and three others are close to being ready. Given some early success, the Kimballs plan nine two-bedroom condos upstairs and three one-bedroom units at street level.
"They're taking a cautious approach, and that's probably wise," Price said. "It's not just because of the market for downtown condos, it's real estate in general."
Moore said the Kimballs' condos offer a great opportunity to bring young professionals downtown.
"Getting young professionals to live downtown sets the stage for a ripple effect," she said. "Retail, restaurants and entertainment businesses will see that there's a market already there that they can draw from.
"It's a real boon to downtown businesses to have people living downtown."
When Moore tours others successful downtowns, a common denominator is a mix of residential options.
"It's a very basic part of any downtown revitalization," she said. "A lot of people see the potential for these kinds of investments, but they then hang back because they don't want to be the first.
"I give the Kimballs a lot of credit for being the first to go to condos."
Oct 17, 2009 at 8:44 a.m.
Suggest removal
markets are down too and 401 k. If youre young you just keep it there and it will rebound same as the house markets. YOu dont avoid these investments because of a couple of bad years!!! and you dont sell you just sit and wait for it to get better. if you rent you have NOTHING in the end. If you buy you may have nothing this year but you wouldnt sell either now would you.
Oct 15, 2009 at 9:06 p.m.
Suggest removal
"It's a heckuva opportunity for young professionals who want to live downtown, build up some equity and not piddle money away on rent."
.
I can't believe this actually came out of someone's mouth when when almost every house currently selling in Janesville is selling for LESS THAN what sellers paid for the house even five years ago..
.
Let's see....100K mortgage, less 20%, is 80K, which as 6% for 30 years is $480 monthly payment, plus $200 for taxes, plus another $100 for condo fees. Can you rent something like that for less than $800 and get garage parking?
.
Also, you can buy houses just as large as these condos, with attached garages, for the same money or less and not have to pay the monthly condo fees in addition to mortgage and taxes.
Oct 15, 2009 at 3:47 p.m.
Suggest removal
They look nice. I think I would give up all the upkeep to my house to buy one.
Oct 15, 2009 at 3:29 p.m.
Suggest removal
I would love to live downtown again. Unfortunately apartments and such don't offer the things I need right now. Like affordable rent and included utilities. While I'm not far from downtown, I'd like to be back there someday. Best of luck to the Kimballs.
Oct 15, 2009 at 3:20 p.m.
Suggest removal
I do in fact think that the Kimballs have given due consideration with these factors. It is their money. If you believe they need your advice, however, I'm sure their number is in the phone book.
Oct 15, 2009 at 1:14 p.m.
Suggest removal
Sorry Janesvillian, but I completely disagree. I think we have had enough of the risk taking with the housing market crash that is still killing our economy. Common sense has to prevail. The housing market is stagnant in the midwest. You have a city like Janesville that is bleeding jobs at crazy levels and a downtown area that has little to offer. You have a similar project 15 miles away, that is a comp in many ways struggling to stay afloat. These things must be considered. I hope I am way wrong and this venture is successful, but in this economy in this city, I wouldn't have done it........
Oct 15, 2009 at 12:26 p.m.
Suggest removal
If there's one thing that Janesville needs to lose from its vocabulary, it's the "it could never work here" mentality. Now more than ever we need innovation and risk-taking. I'm sorry if that "ideal" clashes with some people who would prefer to give up rather than ever try anything new.
Oct 15, 2009 at 8:59 a.m.
Suggest removal
While I like the idea, and it has translated well into the warehouse districts of larger cities, I just can't see this happening in a smaller Wisconsin city like Janesville. I hope I'm wrong though. Beloit tried the same thing with their downtown area with the Heritage View condo project. The condos have been on the market for 2 years now. they are absolutely beautiful--they even offer underground parking, but they are a very hard sell........I just don't think smaller Wisconsin cities are receptive to these types of projects.
Oct 15, 2009 at 8:35 a.m.
Suggest removal
Sarah I believe it is CODE to have one.
Oct 14, 2009 at 10:40 p.m.
Suggest removal
Is there an elevator in this building?
Oct 14, 2009 at 8:35 p.m.
Suggest removal
JVLN Maybe it would be better if YOU would live downtown with your superior attitude and ideals. Perhaps you could spread you ideals amongst the not so literate and pompous as you. Then you could sell your condo at an un- American profit.
Oct 14, 2009 at 7:30 p.m.
Suggest removal
"Getting young professionals to live downtown" is a great idea and might help infuse some life into the downtown area, but there few amenities (not to mention jobs) there and one would have to drive just about everywhere to do anything - groceries, hardware store, clothing, shoes, electronics, etc. (though not with Amazon around -- but then internet shopping is not contributing to the downtown, other than residing there, is it?).
About the only reason most would buy and move downtown is from some imagined sense of Hollywood movie big-city downtown nostalgia, akin to romanticizing about the images portrayed in a Norman Rockwell painting or dreaming about "dashing though the woods on a one-horsed open sleigh" to grandma's house for an "old-fashioned" Xmas. Most of us have never even visited Little Italy, much less lived there, or ever ridden in an horse-driven open sleigh!
The real test of these units is not if you can sell a few of them, but if those who buy them can resell them once they find out that living downtown does not fulfill the fantasy images they had held dear, and they begin to miss a garage and a yard and quiet on the streets at 2:30 a.m. (or 2:30 p.m. for that matter).
That said, I do hope that these units sell and are viable, as it beats the alternative of short-term transient rentals, soup kitchens, and crack houses (excuse me -- "crack homes"). Ultimately, perhaps this market might stabilize with people and couples who are a good fit for the condos, and their presence might just help anchor the downtown area and support some additional business and (legal) activity there, like Spanky's and Corvina's!
Oct 14, 2009 at 5:24 p.m.
Suggest removal
bbb- a smart younge bar goer. They know to buy vs rent in hopes of having something in the end- equity to trade up later. you rent you get nothing. with condo there may be a fee but minimal work for the owner. YES young people would love this. Time to do a bar thing and can WALK home if they liek to go to bars often. Yes that building was featured on the walking tour for the detail LOOK UP!! it is amazing!! I would have done this at 23 but I wanted a lawn so I bought a tiny home smaller than this and it was plenty of space to take care of. didnt need much. was at work or sleeping or having fun.
janesvillean- good point but you CANNOT change my mind he is all about only excuses and will NEVER do anything but collect cash from the towers!
Oct 14, 2009 at 5:04 p.m.
Suggest removal
Many people NOT from Janesville are actually used to living in an urban environment, and some definitely find it envigorating.
.
hannah, if anything, the success of this project will actually improve the options for the Monterey.
Oct 14, 2009 at 4:51 p.m.
Suggest removal
The front of the building is beautiful! I think that this area is definitely for the younger crowd, though. I would definitely want to see more development and improvement in the area before I moved in.
Oct 14, 2009 at 4:47 p.m.
Suggest removal
Who would invest that much money to live in a bar area.
Oct 14, 2009 at 4:19 p.m.
Suggest removal
Well here it is GRAFTS NEW EXCUSE.
" whine wah wah, Kimballs took away my idea and the downtown condo market cause I couldnt get mine up in EIGHTEEN YEARS" told you just EXCUSES!!
Cool idea!
Before you post a comment, consider this:
Note: GazetteXtra.com does not condone or review every comment. Read more in our User Policy AgreementPost Comment
Commenting requires registration.