Cobalt Partners drops revised OneNorth project in Bayside

Public hearing held on the proposal Tuesday

Scaled-down plans for OneNorth project in Bayside. (Rendering: Rinka)
Scaled-down plans for OneNorth project in Bayside. (Rendering: Rinka)

Last updated on August 10th, 2019 at 02:17 pm

Milwaukee-based developer Cobalt Partners LLC has withdrawn its plans for its OneNorth mixed-use development in the village of Bayside that could have included, among other things, a 15-story apartment tower and new North Shore Library building.

Bayside village manager Andy Pederson announced the withdrawal Thursday in a blog post on the village’s website. The decision comes two days after Bayside held an informal public hearing on the proposal.

“The applicant(s) have withdrawn their request and petition for a Planned Unit Development,” the post states. “No further information is available and no further meetings are scheduled.”

In June, the village announced it had received a request from Cobalt Partners and LaMacchia Holdings LLC to establish zoning and development parameters for the site at the northwest corner of Port Washington and Brown Deer roads. While the request didn’t provide specific development plans, it would allow a residential tower no higher than 15 stories to be built on the western portion of the site and buildings no higher than five stories on the eastern side.

Beyond the residential tower and library, the proposed development could have also included Class A office space, luxury owner-occupied or rental residential units, destination-oriented retail and restaurants or coffee shops, among other things.

The proposal replaced the $200 million OneNorth project announced last year that included a 30-story apartment tower with 260 to 280 units. It also called for 10 townhouses and 72,000 square feet of retail with another 50 to 90 units above that, along with 60,000 to 100,000 square feet of office space.

Bayside officials canceled an October meeting when the Community Development Authority was expected to vote on a proposed $42.6 million tax incremental financing district that would help pay for the OneNorth project.

Scott Yauck, president and chief executive officer of Cobalt Partners, could not immediately be reached for comment.

In June, Yauck said the scaled-down development plans addressed some of the concerns that residents had regarding the original proposal, specifically their worries about the height of the building.

“We think we’ve addressed that as best we can and still have a project that’s viable,” he said.

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Alex Zank
Alex Zank covers commercial and residential real estate for BizTimes. Alex previously worked for Farm Equipment magazine and also covered statewide construction news at The Daily Reporter. He graduated from the University of Wisconsin-Eau Claire, where he studied journalism, political science and economics. Having grown up in rural western Wisconsin, Alex loves all things outdoors, including camping, hiking, four-wheeling and hunting.

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