Developer acquires St. Francis lakefront site of planned luxury apartments

Land sold for $2.25 million

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An affiliate of Campbell Capital Group LLC has acquired vacant land along the Lake Michigan in St. Francis, representing the next step in the Atlanta-based developer’s planned 236-unit apartment development.

Located at 4200 S. Lake Drive, the development will feature a four-story apartment building with one level of underground parking, a two-story clubhouse and leasing office, a resort-style swimming pool and a fitness center, among other things.

The 7.5-acre site was acquired this week by Campbell affiliate, St Francis Property Owner LLC, for $2.25 million, according to state records.

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The $38 million apartment project is receiving $9.6 million from the city through tax-incremental financing. Common Council members approved the proposed financial assistance in December.

According to a development agreement with the city, the developer has until the end of 2020 to complete the project.

Joe Eldredge, senior vice president of Colliers International-Wisconsin, represented the seller, Eastcastle Place Inc. in the transaction. Eastcastle Place is a retirement community located at 2505 E. Bradford Ave., Milwaukee.

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Eldredge said the land had been under contract to purchase since December 2017.

Michael Campbell, founder and managing member of Campbell Capital Group, did not immediately respond to a request for comment.

Elsewhere, Campbell Capital Group has plans to develop 186 luxury apartments in downtown Waukesha, at the corner of St. Paul Avenue and Brehm Street.

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The firm has also developed 236 units at 11011 W. North Ave., west of Mayfair Road and Mayfair Mall, and 194 units at The Reserve in Brookfield.

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