A Brookfield-based developer is proposing a $13 million apartment development on Main Street in downtown Waukesha and seeking $1.3 million in tax incremental financing from the city to help pay for it.
The new building, at 220 W. Main St., at the corner of Riverfront and Barstow streets, would include four stories of residential units and two levels of parking, according to plans submitted to the city.
The city’s finance committee will review the proposal by Sterling Investment Real Estate, LLC tonight to create a TIF district to finance the project. The development still needs plan commission approval.
Representatives from Sterling Investment could not immediately be reached for comment.
In 2011, Oshkosh-based Keystone Development proposed a four-story 55-unit senior housing project at the site with retail space on the first floor.
Currently, the parcel is a vacant lot with an adjoining parking lot, where a one-time Walgreen’s drug store was located before it was demolished.
