St. Francis approves downsized lakefront apartment project

A high-end lakefront apartment development planned for St. Francis has received preliminary city approval after the number of units was substantially reduced.

Bear Development LLC now plans to develop 11 two- to three-story buildings, totaling 221 apartments, with enclosed parking. The $30 million project would include three additional buildings with garages, as well as a clubhouse with an outdoor swimming pool.

The 11-acre project site is between the 200-unit Park Shore condominium development at S. Lake Drive and E. Howard Ave. and The Landing condos, with around 300 units, at S. Lake Drive and E. Denton Ave.

The Common Council approved those plans at its Tuesday night meeting, Mayor CoryAnn St. Marie-Carls said.

Bear hopes to begin construction by mid-summer, St. Marie-Carls said Wednesday.

Before that happens, the council must also approve a revised plan to help finance the project, St. Marie-Carls said. That plan is still being negotiated.

The previously approved financing plan was tied to Bear's earlier plan to develop three four-story buildings totaling 317 apartments.

Bear President S.R. Mills couldn't be immediately reached for comment Wednesday.

Kenosha-based Bear reduced the unit count after seeing a decline in rent among similar developments in the Milwaukee area because of an oversupply of new apartments, according to city officials.

Similar concerns have led to other Milwaukee-area apartment developments being downsized, delayed or canceled.

The downsized St. Francis plan was introduced in February. Bear has since made additional design changes that St. Marie-Carls said responded to concerns from residents about ensuring public views and access to the lakefront.

The plan approved Tuesday night is "not walling off the lakefront," she said.

Any city financing help would be provided through new property tax revenue generated by the project.

The development's monthly rents would start at $900, according to city records. It would have apartments ranging from studios to three-bedroom units.

Tom Daykin can be reached attdaykin@jrn.com