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.
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.
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.
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.