Apartments proposed for Wauwatosa site
Two eight-unit Wauwatosa apartment buildings would be razed and replaced with 24 higher-end apartments under a new proposal.
An affiliate of Madison-based Cardinal Capital Management Inc. is proposing the development for a site it owns on the north side of the 8400 block of W. North Ave., said Ald. Jeffrey Roznowski, whose district includes the site.
Known as Pasadena Apartments, the units would have monthly rents of around $1,000 to $1,200, with a focus on attracting empty nesters and young professionals, Roznowski said Monday.
The four-story development would include 24 covered parking spaces on the first floor, with apartments on the upper floors, according to information filed with the city. There would be another 22 surface parking spaces.
Cardinal would demolish a pair of two-story buildings, with studio apartments, to make way for the new building, Roznowski said. A pair of four-unit apartment buildings on the eastern portion of the site would be retained, he said.
The buildings to be demolished have an assessed value of $450,000. Cardinal estimates its construction costs would be $3.7 million, Roznowski said, generating more property tax revenue for the city.
Pasadena Apartments would increase the density on the block, and Roznowski said he's interested in hearing reactions to the proposal from nearby residents. He's hosting a neighborhood meeting on the proposal at 7 p.m. Thursday in the lower civic center of City Hall.
The design could fit well with the neighborhood, Roznowski said, providing a book end to the Locker's Point apartment and commercial space development at North Ave. and Swan Blvd.
A Cardinal affiliate, CCM-Pasadena Apartments LLC, bought the properties in November 2012. The firm hopes to begin construction this spring, Roznowski said.
The Plan Commission is to review the proposal at its Jan. 13 meeting.
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Commercial Real Estate News
An Indianapolis-based developer wants to build 274 apartments within two separate five-story buildings at the former Pabst brewery complex in downtown Milwaukee.
Milhaus Development wants to develop the units on two vacant lots, at 926 W. Juneau Ave. and 1003 W. Winnebago St., according to new plans filed with the Department of City Development.
Milhaus hopes to begin construction by fall on the $40 million development, said Greg McHenry, director of development.
Find property assessments for other communities throughout the state at AssessorData.org.
The Milwaukee Department of City Development website includes information on the city Plan Commission and Redevelopment Authority.
The Commercial Association of Realtors Wisconsin offers information on commercial realtors and real estate.
The Milwaukee chapter of the Institute of Real Estate Management serves the needs of real estate management professionals
The Wisconsin chapter of the NAIOP Commercial Real Estate Development Association aims to serve developers and owners of commercial real estate.
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