Franklin to consider city financing for apartments and other development on S. 27th St.

A Franklin mixed-use project featuring 180 apartments and commercial buildings could receive $5 million to $7 million in city financing.

Zilber Ltd. wants to build six 30-unit apartment buildings, each with three stories and underground parking, on much of the site at 7333 S. 27th St. That 18.1-acre vacant parcel is about one-half mile south of W. Rawson Ave.

The firm said last summer it would seek city financing help.

The Common Council recently directed city staff to work with Zilber in pursuing a development agreement that would include city funds. Any such agreement would need additional council approval.

The "preferred option" includes a $5 million grant to help Zilber finance the project, which would have an estimated assessed value of $24 million, according to a council report.

Also, Zilber's planned purchase and demolition of the Park Motel, 7273 S. 27th St., to make the development site larger, would receive a $2 million grant.

While the motel would be razed for future commercial development, its separate Little Cancun restaurant would remain open under its current lease, the report said. Also, a new child care center business is planned for the development site.

All the city funds would be repaid through property taxes generated by the apartments and new commercial buildings. Once those funds are repaid, the new property taxes go to Franklin, the Oak Creek-Franklin Joint School District and other local governments.

Zilber expects to complete its detailed plans within the next couple of months.

The apartments would meet demand for new rental units from people who work at nearby businesses, and in downtown Milwaukee, Zilber's proposal said.

The rents would be around $1,100 to $1,200 for a one-bedroom unit and $1,400 to $1,500 for a two-bedroom unit, the proposal said.