The City of St. Francis is moving forward with a major development project that could bring 300 apartment units and nearly 30,000 square feet of retail space to a long-vacant 13-acre site on the southwest side of the city.
Cream City Real Estate Investments, an affiliate of Richfield-based KGI Construction Group, is in talks to buy the lot surrounded by Lake Drive, Packard Avenue and Howard Avenue from the city.
Cream City Real Estate is proposing to construct seven buildings on the site:
- A 13-story mass timber apartment tower. This building would have three floors of parking and 10 floors of apartments, totaling 170 units.
- A five-story apartment tower. This building would have one floor of parking and four floors of apartments, totaling 130 units.
- A 5,000-square-foot retail building that plans say will be used by a daycare provider.
- A 3,500-square-foot retail building with a drive-thru. Plans suggest a coffee shop occupying this building.
- A 9,500-square-foot retail building that would be split between a sports bar with a patio and a second retailer.
- A 4,000-square-foot building to be used by a dentist or other medical service provider.
- A 7,500-square-foot mass timber retail building
- A community park
- Four parking lots with 414 parking spaces. In addition, indoor parking structures will include 150 parking spaces.
“This development is designed to establish a dynamic, walkable environment that combines modern housing with neighborhood-serving retail, child care, health care, and recreational amenities, creating a landmark destination in St. Francis,” Cream City Real Estate said in its proposal.
An earlier version of the proposal included a space for a new St. Francis Public Library, but that component of the project was dropped before Wednesday’s meeting after community members expressed concerns with moving the library.
“Our commitment has always been to build in a way that strengthens community connection and meets the needs of residents,” Cream City Real Estate Investments CEO Ignacio Garcia said. “With that in mind, we believe a retail option will be better suited to serve the community, offering space that is accessible, engaging, and responsive to local interests.”
On Wednesday, the Plan Commission approved the development team’s rezoning request with little discussion. The plans will need to go back to the Plan Commission for a public hearing.
Under the current timeline, Cream City Real Estate’s proposal says that it plans to advance project designs over the next three months. The group plans to seek final approvals from the city’s Plan Commission and City Council this winter.
By March, a development agreement and incentive package for the project could be finalized with St. Francis, according to city documents, which could include tax incremental financing. State and local permits and financing should be secured by then as well, the documents state.
Cream City Real Estate estimates construction on the two apartment buildings could begin next summer, with work on retail structures following in 2027.
