After years of work on planning and financing, Madison-based real estate development firm Neutral held a groundbreaking ceremony Monday to celebrate the start of construction of what will become the tallest mass timber building in the Western Hemisphere.

The 31-story project, dubbed Neutral Edison, will rise at 1005 N. Edison St. along the Milwaukee River in downtown Milwaukee, with completion expected in 2027. Once finished, the high-rise will stand as a new entry into the city’s luxury residential market, and an example of sustainable urban development.

The project is pursuing aggressive environmental standards, including Passive House certification and Living Building Challenge 4.0 Core Certification.

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While exact rents are yet to be determined, Neutral CEO Nate Helbach, estimates the building will be at the high end of the downtown market. Neutral’s investor documents show that the projected average gross rent is $3,198.

31 story mass timber building is impressive. Is this the beginning the wood comeback? But the rent is a bone crushing 3k a month for Milwaukee?!? Very pricey for the Midwest in my opinion.