Downsized Greenfield apartment project approved by Plan Commission

T

he apartments planned for Greenfield's 84 South mixed-use development will have around 90 fewer units than initially proposed.

Fiduciary Real Estate Development Inc. initially proposed four four-story buildings, totaling 360 apartments, at the 48-acre project site bordered by Interstate 894, W. Layton Ave., S. 84th St. and S. 92nd St.

However, Fiduciary now wants to develop 268 units. The unit count is being reduced by developing three-story buildings instead of four-story buildings, according to revised plans submitted to the city.

The Plan Commission at its Tuesday night meeting unanimously recommended approval for the change, which also needs Common Council approval, said Chuck Erickson, community development manager. The council next meets on Feb. 22.

A Fiduciary executive couldn't be immediately reached Wednesday for more information.

The apartments are planned for 7.5 acres on 84 South's west side.

Fiduciary plans to begin construction by late spring on the first two buildings. That first phase will take around a year to complete.

Cobalt Partners LLC, 84 South's commercial developer, is building a 58,000-square-foot Steinhafels furniture store, a 115,000-square-foot building with eight stores and anchored by Fresh Thyme Farmers Market, and a 9,000-square-foot building for a Portillo's restaurant.

Cobalt plans to eventually develop more than 315,000 square feet of stores and restaurants, and office space and a fitness facility totaling 150,000 square feet.

The city is spending $10 million to help the developers finance 84 South and up to $19.7 million on new streets, sewers, water mains and other public improvements at the site.

The $115 million development's new property taxes will pay back those funds, and interest, by 2037, according to the city's estimate.