Milwaukee-based WiRED Properties has begun construction of Ravenna, a four-story, mixed-use development with 20 apartments and 8,100 square feet of retail space, on a vacant lot at 4521-37 N. Oakland Ave. in Shorewood. The project is expected to be complete in July of 2012.
The building will be constructed across the street from The Cornerstone, another four-story, mixed-use building developed by WiRED Properties with 25 apartments and 11,000 square feet of retail space.
The retail space in Ravenna is 100 percent leased, according to WiRED. The tenants will be: Yo Mama frozen yogurt, Indulgence Chocolatiers, Elements East and Performance Running Outfitters. Elements East will move to the building from its current location on Silver Spring Drive in Whitefish Bay. Yo Mama has a store in Wauwatosa and plans to open one in Brookfield. Indulgence Chocolatiers will open its first retail location in Ravenna.
“We believe that local retailers are the ideal fit for Shorewood,” said Blair Williams, WiRED Properties president. “We believe the spirit of entrepreneurship generates unique effort and results, and that by creating a strategic mix of local stores we are able to create a dynamic atmosphere of partnership that helps each retailer to succeed.”
The apartments at Ravenna will range from 1,065 square feet of 2,300 square feet. Rents will start at $1,500. The building will have underground parking for the apartment residents.
“Based on our experience at The Cornerstone, we have specifically designed the apartments at Ravenna to meet the needs of our residents,” Williams said. “With larger average apartment sizes, we are able to serve the market for families relocating to Shorewood, folks selling homes who desire to stay in the North Shore, as well as others who simply desire to live in an established neighborhood that enjoys many of the benefits of urban living.”