An Illinois developer is planning to build a 78-unit market rate apartment complex in the Granville area of Milwaukee.
Highland Park, Illinois-based
Eagle Management RE, LLC owns the 5-acre lot at 8400 N. 72nd St. where the firm plans to build six two-story buildings.
The apartment complex is directly south of a condominium complex that Eagle Management manages called the Villas at Granville. The firm manages one other Milwaukee-area condo complex called Lincolnshire Condominiums near North 60th Street and Good Hope Road in Milwaukee, in addition to a portfolio of properties in northern Illinois.
Preliminary plans show that about 25% of the units will be one-bedroom units and the remaining will be two-bedroom. Rents would range between $1,800 per month to $2,800 per month, developers estimate.
Discussing the project at a Granville Advisory Committee meeting Wednesday, the developers said that they considered selling the units as condos, but with today's cost of development, that model would not pencil out.
"This project is coming out at about $200,000 a unit in terms of the construction costs plus the cost of land, so if we were to sell it individually, with the real estate commissions and marketing costs, we don't think there's enough in the market at that price level," said Jim Glikin, president of Eagle Management, adding that if the market changes the firm would be open selling the units.
The Granville Advisory Committee voted to endorse the proposal, with local Ald. Larresa Taylor also supporting the project.
In September,
the committee endorsed another market-rate apartment development from a Miami-based developer. That project calls for 220 units at 8482 N. 76th St.
