‘Lifeless Industrial Warehouse Complex’ to be Revitalized With Apartments
- Jan 12, 2015
Wauwatosa, Wis.—A joint agreement has been announced between HSA Commercial Real Estate and Fiduciary Real Estate Development to develop more than 1,000 luxury residences in Wauwatosa, Wis. The District, as the project is to be known, will be located next to The Mayfair Collection shopping center just off Highway 45 at Burleigh Street.
“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 Tim Blum, executive vice president of retail development for HSA Commercial Real Estate. “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.”
The residential buildings will be built and managed by Fiduciary. Groundbreaking for Phase I of The District, which consists of 50,000 square feet of retail space and approximately 250 apartment units, is scheduled for the spring of 2015. It should be ready for occupancy by early 2016. The second phase will begin in 2016 and will include another 250 units.
“We are celebrating our 30th year of residential development and this opportunity to develop a master planned community on 22 acres is truly an once-in-a-lifetime opportunity for our whole organization,” says Craig Raddatz, partner at Fiduciary Real Estate Development. “We are particularly excited that 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. 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.”
From 500-square-foot studio units to corner penthouse units of up to 1,300 square feet, the new luxury residences appeal to a wide audience. Raddatz says, “We are especially cognizant that many young professionals will desire to live here but certainly need to be budget conscious about their decision. Our average unit will rent for approximately $1,275 a month, which we believe will make this very attractive compared to other new communities that have been recently completed.”