Two LaCrescent men have purchased an unfinished Winona condominium complex and intend to complete the project in light of the improving real estate market.
Richard Huber and Allan McCormick have changed the name of the former River View condominiumsinto Rivers Edge condominiums. They intend to complete the condominiums, raze a neighboring structure and create more parking.
"The view upstream and downstream is absolutely the nicest view of the river in Winona," McCormick said.
Construction on the 16-unit development at 2 Washington St. in Winona started in fall 2010, but wasn't finished when sales of the units were sluggish in the slumping real estate market. Previous developerDave McNally transferred the properties to River Bank in La Crosse this spring.
Now, with construction already restarted, the first units are planned to be available in mid-2014.
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"The building is of real good quality — I've never seen a building built so well," Huber said.
In addition, downtown living lifestyle is getting appealing, McNally said. "You literally walk out the door, and a block and a half away, you're in the middle of the farmers market, and restaurants," he said. "There are lots of great employers within a couple of minutes. It would be a really neat lifestyle to live there."
The condos will sell for $250,000 to $350,000, depending on size, location and how they're finished. Qualified buyers will get a favorable interest rate from the bank.
The site also has enough room to build a larger condo project, or even a hotel, in the future, McNally said.
Huber is founder and CEO of La Crosse Rentals. McCormick is founder and CEO of La Crosse Technology. — Mike Klein
