Multi-Family Projects Gear Up in Sussex, Brookfield
Developer Arthur Sawall plans to build five 30-unit apartment buildings and 12,000 square feet of retail space in Sussex, The Business Journal reports.
The project would rise on a 10-acre parcel at the southwest corner of Main Street and Waukesha Avenue that has sat vacant for two decades. Sawall purchased the site two years ago, according to village administrator Jeremy Smith.
Construction on the first phase is expected to begin by May. The $8 million-plus investment will include two of the three-story apartment buildings. Part of the site preparation cost could be funded through tax-increment financing. Three more buildings will be developed as existing units lease up. Once the residential component is complete, Sawall plans to break ground on two retail buildings.
In other multi-family news, a development team is proposing 132 apartments and 12 condominiums on a 27-acre parcel in Brookfield owned by former executives of the shuttered Walters Wrecking Inc. The development team also includes Jonathan Ross and Peter Ogden of Ogden & Co. Investment Partners, as well as Middleton-based Parmenter Development Inc.
According to The Business Journal, the Sutter Creek residential project will be built at the corner of South Barker Rd. and North Greenfield Ave. Phase one would include two three-story buildings totaling 89 apartments ranging in size from 812 to 1,352 square feet. The next phase would bring a 43-unit building, while the final component would add 12 condominiums in six smaller buildings. Pending final approval from the city, construction could begin by May.
Photo credits: www.village.sussex.wi.usTags: Development, economy, leasing, Policy, property management, retail