Last updated on November 21st, 2019 at 02:24 pm
Construction crews recently began moving earth to begin work on the second phase of the Emerald Row apartments development in Oak Creek.
Known as Parterre, the next phase of the project within Drexel Town Square will add 240 luxury apartments just south of the 167 existing units that are located at 7971 S. Sixth St.
On Monday morning, construction fencing was up around the site, and crews were manning construction vehicles and performing site work.
Rick Barrett, founder and chief executive of Emerald Row developer Barrett Lo Visionary Development, said there will be a formal groundbreaking ceremony for the project this fall. He did not immediately provide further details on the project.
According to the city, Parterre is financed with a $32 million construction loan, nearly $10.3 million in equity and $7.25 million from the city, including a $2.75 million loan and $4.5 million grant.
Per a development agreement with Oak Creek, the developer was required to start work on the Parterre project by Sept. 1. Barrett previously told BizTimes he was aiming for a construction start date of July 15.
The project team includes architecture firm Rinka, construction contractor Greenfire Management Services LLC, and engineering firms Spire Engineering Inc. and Kapur & Associates Inc.
Barrett has plans to eventually develop another two phases of Emerald Row.
Drexel Town Square is an 85-acre retail, commercial, residential and civic center that was developed the site of a former Delphi manufacturing plant southwest of Howell and Drexel avenues.
Meanwhile, Barrett Lo continues to work on trying to line up the final piece of financing for The Couture, a proposed 44-story luxury apartment tower that would be built near the lakefront in downtown Milwaukee.