The Menomonee Falls Community Development Authority is reviewing two proposals by Brayton Management Company for sites on Appleton Avenue in the Village Centre.
During a July 19 meeting, William Bode of Brayton Management summarized the plans. One proposal calls for a development on five properties on the west side of Appleton Avenue between Sal’s and Fire Station #1. At that location, 51 parking spaces and 4,875 square feet of retail space fronting Appleton Avenue is proposed, with 54 apartments proposed above the retail space. There would be 72 parking spaces created for the apartment units. The development will be five stories, with public ground level parking under the structure and behind the retail. The second story will be tenant parking while there will be three stories of apartments above that.
The second proposal is on the west side of Appleton Avenue and south of Garfield Drive where a public parking lot and space that once housed a flower shop are currently located. The lot will be reconfigured to allow for 36 public parking stalls while 49 stalls will be created to accommodate 34 apartments at the site. The development at this site will be three stories, with tenant ground-level parking under the structure and then two stories of apartments.
During the CDA meeting, Bode noted that the public parking lot there now has space for 72 vehicles. He said he has seen no more than 32 cars at the lot.
The total cost of the project is estimated at $15,775,482. Financing is proposed to include $10,262,765 from a Midwestern Disaster Recovery bond issue, $1,427,400 in owner equity, $260,318 from WE Energies to increase electrical capacity, a CDA Economic Development Revolving Loan Fund of $725,000 and a write down of $3.1 million from the ninth tax incremental finance (TIF) district in the area.
During the CDA meeting and in a later interview, Bode said the $3.1million write down will come from tax increment that the project will create.
Bode said he would hope to have approvals for the project finalized so that work could begin starting next year.
The item was discussed by the CDA in closed session following the presentation by Bode. Village Manager Mark Fitzgerald he has been given direction by the CDA board for negotiation. He indicated that within the next several months “there should be a deal done” but added that the CDA is only part of the process.
—By Thomas J. McKillen, Managing Editor