Milwaukee-based developer
F Street is planning to replace two empty office buildings in Brown Deer with 148 market-rate apartments.
Village documents say that F Street plans to tear down the office buildings located at 4300 W. Brown Deer Road and 8989 N. Deerwood Drive, to make way for eight apartment buildings.
A 1-acre lot at the corner of Brown Deer Road and Deerbrook Trail will be reserved for commercial development. Plans for that building have not yet been released.
The two office buildings, which are currently vacant, according to city documents, were built in 1980 and 1981 and have a combined 126,000 square feet of space.
Brown Deer’s Village Board on Monday unanimously approved a development agreement for public financing to support F Street’s project. The agreement includes a $2.6 million village loan to F Street to finance the property purchase and building demolitions. That money is to be repaid with interest once F Street completes its construction financing for the project, village documents say.
Next month, the Village Board will consider a tax incremental financing district that would be the source of the funding support. The village could provide around $6 million in TIF, though that figure is still being finalized.
"We’re excited to partner with the Village of Brown Deer once again; they’ve been instrumental in helping to get approvals for these projects," F Street said in a statement. "We have a shared vision for where Brown Deer is headed and these new developments will aim to achieve that vision."
F Street is expecting to start demolition yet this year and begin construction mid-2024.
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8989 N Deerwood Drive. Image from LoopNet[/caption]
