Timothy Blum, executive vice president of Retail Development for HSA Commercial Real Estate, and Craig Raddatz, partner at Fiduciary Real Estate Development, today jointly announce that the firms have agreed in principal to develop up to 1,050 luxury residences over seven to ten years on land next to The Mayfair Collection shopping center in Wauwatosa, Wisconsin. Fiduciary will construct and manage the residential buildings, and the firm is scheduled to break ground in spring 2015 on the first phase totaling approximately 250 apartment units and 50,000 square feet of ground level specialty retail space with tenant occupancy projected for early 2016. Phase two is scheduled to break ground in 2016 and will also include 250 units and provide a level of amenities that have never been provided in the Milwaukee market.
“It’s exciting to see the vision Wauwatosa had for this area 15 years ago became a reality,” said 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 are fortunate to have partners with the caliber of Fiduciary Real Estate and HSA working with us in growing the vitality of Wauwatosa.”
The proposed luxury apartment buildings, located just off of Highway 45 at Burleigh Street, will be designed to promote density and walkability within an integrated mixed-use environment. Future residents will be able to shop for groceries at Whole Foods Market; browse stores like Nordstrom Rack and Saks Fifth Avenue OFF 5TH; grab a coffee at Corner Bakery Café; or enjoy a meal at one of The Bartolotta Restaurants’ culinary offerings without getting in a car. Since the development site is located at the center of the largest commercial and employment corridor outside of downtown Milwaukee, many future residents will also enjoy a short commute to work. Residents of the development, which will be named “The District”, will enjoy a lively and dynamic lifestyle community with specialty retail, restaurants, and The Mayfair Collection shopping center.
“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,” said Tim Blum. “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.”
“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”, said Craig Raddatz. “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.”
Raddatz said the luxury apartments are being designed to meet the broad spectrum of demand that the market is dictating. Residences will range from studio units starting at 500 square feet and provide different design and sizing all the way to corner penthouse units as large as 1,300 square feet. “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.”
The Mayfair Collection is a 400,000-square-foot retail development at Highway 45 and Burleigh Street in Wauwatosa, Wisconsin. Phase one of The Mayfair Collection–which includes Nordstrom Rack, Dick’s Sporting Goods, Saks Fifth Avenue OFF 5TH, and more–opened to huge crowds of customers in April 2014. The project’s construction consisted of adaptively repurposing functionally obsolete warehouse buildings along Highway 45 into new, contemporary retail environments. The project’s second phase will be anchored by Whole Foods Market, which will be housed in a converted warehouse building at the northeast corner of Burleigh Street and 112th Street. Plans for the second phase of The Mayfair Collection also include approximately 50,000 square feet of junior anchor retail space, a mix of upscale bars and restaurants, and a 140-room Hilton Homewood Suites hotel.