MILWAUKEE—HSA Commercial Real Estate and Fiduciary Real Estate Development have just come to an agreement to develop up to 1,050 luxury residences in Wauwatosa, a western suburb of Milwaukee. The targeted area, located just off of Highway 45 at Burleigh St., was once dominated by aging, obsolete warehouses, but the Chicago-based HSA has been transforming these structures into the upscale Mayfair Collection shopping center. The first phase of the 400,000-square-foot renovation was completed last April, and the addition of luxury residences will help make the area into a true neighborhood.
“It's exciting to see the vision Wauwatosa had for this area 15 years ago became a reality," says Wauwatosa Mayor Kathy Ehley. "The continued growth around the Mayfair Collection is a good fit for our city and adds many options for housing, transit, employment and entertainment.”
“We have always shared the vision with the City of Wauwatosa to transform this once lifeless industrial warehouse complex into a vibrant, mixed-use district,” says Timothy Blum, HSA's executive vice president of retail development. “Having best-in-class retailers like Nordstrom Rack and Whole Foods Market at the Mayfair Collection has helped us to advance that goal, but the luxury apartments by Fiduciary will make it a reality.”
Milwaukee-based Fiduciary will construct and manage the residential buildings, and plans to break ground in the spring. The first phase will have about 250 apartment units and 50,000-square-feet of ground-level retail space. Tenants should begin moving in by early 2016. Phase two will start in 2016 and also include 250 units.
Blum adds that the proposed luxury apartment buildings will include a set of amenities not yet seen in the Milwaukee market. For example, residents of the new community, named “The District,” will shop for groceries at Mayfair's Whole Foods; browse stores like Nordstrom and Saks Fifth Avenue OFF 5TH; grab a coffee at Corner Bakery Café; or enjoy a meal at the center's restaurants, all without getting in a car. Many future residents will also enjoy a short commute to work since the development site will sit at the center of the largest commercial and employment corridor outside of downtown Milwaukee.
“The demand we see for high-quality apartments at this incredible location will allow us to create a community of 500 apartment residences over the next three years,” says Craig Raddatz, partner at Fiduciary. “Once that base is established and the complete fitness center, pool, entertainment rooms and personal services are established, we will be able to continue designing the whole community to meet other housing demand such as condominiums, row houses or possibly independent senior housing.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
