Last updated on May 15th, 2019 at 04:47 pm
Ogden Multifamily Partners LLC is planning to develop a five- to six-story, 76-unit apartment building at the southwest corner of North Jackson and North Water streets, near downtown Milwaukee.
As part of its development plans, the Milwaukee-based real estate company will demolish an existing building at 1659 N. Jackson St. and combine that parcel with four other vacant lots. The properties would also be rezoned to allow for the development to move forward.
Before moving forward with the necessary city approvals, Ogden will present its project plans to neighbors at a community meeting on Tuesday evening. Alderman Nik Kovac will host the community meeting, which will take place at Ogden’s headquarters at 1665 N. Water St., which happens to be across the street from the development site.
Following the neighborhood meeting, Ogden will likely file its development plans with the city. The firm will also have to finalize its architectural drawings and close on a loan, said Jason Pietsch, a principal at the firm.
At the site, the firm plans to construct a new building that will include 76 market-rate apartments and 76 parking stalls. Parking will be placed in a full underground level as well as half of the street level.
The other half of the building’s street level would be used for a lobby area, common area and a handful of apartments, said Pietsch. Additional overflow parking would be available in the parking lot of the company’s headquarters.
Assuming all necessary approvals are met, construction could begin sometime late fall. Pietsch estimates the construction work would take between 16 and 18 months, which means the apartments would be finished by spring 2021.
Ogden purchased the 1-acre site about a year ago from Clear Channel Outdoor Inc. for $525,000.
“We think it’s one of the premier remaining undeveloped sites in the city for multifamily,” Pietsch said.
Pietsch added the location is good, given that it is nearby several grocery stores, as well as a number of bars and restaurants. Residents would also be able to walk downtown to their places of employment. The building will sit on the bluff, which should offer apartment-dwellers some good views, he said.
The apartments would be built near some of Ogden’s other recent multifamily developments, such as Keystone on Brady on the northwest corner of East Brady Street and North Humboldt Avenue and Nine10 at Land Place at 910 E. Land Place.
Pietsch said his firm was encouraged by how quickly Keystone on Brady filled up with tenants. He said those apartments have more or less been fully occupied over the last 12 months.