Demolition work along West State Street in Wauwatosa to make way for the State Street Station retail and apartment development is underway, said HSI Properties President Ryan Schultz.
Brookfield-based HSI Properties LLC completed the land purchases for its project and simultaneously closed on construction financing Dec. 18 to build a $42 million, four-story retail and apartment building at 7400 W. State St.
A duplex and a retail building that houses a George Webb restaurant, among other tenants, will be torn down as part of the project.
A Chase Bank branch currently occupies part of the site under development and will remain in operation throughout the project, Schultz said. Once the first buildings are complete, the bank will move into its newly-completed branch and contractors will tear down the old one.
The development in the Village of Wauwatosa is to include 148 luxury apartments, about 20,000 square feet of retail space, 255 underground residential parking spaces and 85 ground-level public parking spaces.
"We're excavating about 30,000 cubic yards (of dirt) to make way for two floors of underground structure parking," Schultz said.
Schultz said so far his team has completed the abatement of asbestos in the building, which was "very, very minimal." Additionally, all utilities have been disconnected.
Demolition of the building is expected to be complete by the second week in February, at which point mass excavation will begin, Schultz said.
The project is expected to reach full completion by spring 2018, although the first residential units and retail space will open in March 2017, Schultz said.
In September 2015, the city of Wauwatosa approved TIF District No. 11, which includes the entirety of the State Street Station development and additional parcels.
A TIF — tax incremental financing— is a public financing method that can be used as a subsidy for redevelopment, infrastructure and other community-improvement projects. It involves a city outlay, typically for infrastructure, to assist a project, with the city repaid through the increase property tax collections.
HSI Properties initially said it was unsure if the project would need financial assistance from the city, but construction costs increased and contaminants were found in the soil.
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