A former Wauwatosa school property could become home to more than 300 apartments under a new redevelopment proposal from two Milwaukee-area developers.
John Vassallo and Cobalt Partners, led by Scott Yauck, are proposing a five-story building on the former Wisconsin International Academy property at 11811 W. Bluemound Road, which Vassallo purchased in July.
“(Vassallo) and Cobalt Partners have been looking for opportunities to work together since 2006, when we jointly pursued a project in downtown Milwaukee, that ultimately did not proceed,” Yauck said. “We are thrilled to work together and believe that we share a complimentary and synergistic skill set.”
The development team plans to demolish the property’s existing buildings, which were formerly used by the Wisconsin International Academy, to make way for the 357-unit apartment builidng, known as Tosa Lofts.
Yauck said demolition could begin in the first quarter of next year, with construction to follow in the second. The apartments are expected to open in 2027.
The estimated development cost for Tosa Lofts is about $90 million. The developers are working to secure financing and don’t intend to request tax incremental financing from the city.
Plans call for mostly one-bedroom and two-bedroom apartment units and 415 enclosed parking stalls. The bulk of the units would have market-rate rents, though rents in about 20% of the units will be set for residents making 80% of the area median income, according to Yauck.
The building would have amenities such as a terrace featuring a pool and cabanas and fitness offerings including a spin room, an infrared sauna, an indoor/outdoor yoga area, a cold shower and a meditation room, as well as golf simulators, a catering kitchen and concierge service.
The project is set to be reviewed by the city’s Design Review Board on Thursday.
