Developer downsizes St. Francis apartment proposal overlooking Lake Michigan by around 100 units

A lakefront development in St. Francis would have about 100 fewer apartments, and other major changes, a revised proposal for the project shows.

Bear Development LLC's updated plans are calling for 11 buildings totaling 214 apartments on 11 acres between the Park Shore condominium development at S. Lake Drive and E. Howard Ave. and The Landing condos at S. Lake Drive and E. Denton Ave.

Bear had previously received conceptual approval from city officials for three four-story buildings totaling 317 apartments.

Bear President S.R. Mills couldn't be immediately reached Monday for more information.

City Administrator Mark Johnsrud said Bear executives are seeing a decline in rent among similar developments in the Milwaukee area because "there's so much on the market right now."

RELATED: Larger apartment supply brings lower rents​

Bear's revised proposal is to be reviewed by the Plan Commission at its Wednesday night meeting.

Along with the reduction in units, the St. Francis buildings would have three levels instead of four. Also, the development plans now call for surface level garages. Bear initially proposed underground parking.

The development still features a clubhouse with an outdoor pool and a public path that connects Lake Drive to Milwaukee County's Oak Leaf Trail overlooking Lake Michigan.

The monthly rents would range from around $900 to $2,000, Johnsrud said.

The St. Francis Common Council has approved a financing proposal that allows Bear to recover $9.9 million of its costs for the original three planned buildings through annual partial property tax rebates.

Once Bear has recovered those funds, all property taxes from the $36 million development would flow to the city's general fund, its school district and other local governments.

But that financing plan was based on the previous development proposal.

Any change to the development plan can only occur with an amended zoning ordinance and an amended financing agreement with the city, according to information filed with the revised proposal by City Attorney Paul Alexy.

The Greenfield Plan Commission last week approved a downsized apartment proposal at that community's 84 South mixed-use development. That proposal, from Fiduciary Real Estate Development Inc., reduced the proposed unit count from 360 to 268 apartments.

Tom Daykin can be reached attdaykin@jrn.com