Milwaukee-based Fiduciary Real Estate Development Inc. will build up to 1,050 luxury multi-family residential units over seven to 10 years at The Mayfair Collection development in Wauwatosa.
“This opportunity to develop a master planned community on 22 acres is truly a once-in-a-lifetime opportunity for our whole organization,” said Craig Raddatz, partner at Fiduciary Real Estate Development.
The Mayfair Collection is a mixed-use development that Chicago-based HSA Commercial Real Estate is building at the former site of Kohl’s and Roundy’s warhouses northeast of U.S. Highway 45 and Burleigh Street in Wauwatosa. The 270,000-square-foot first phase of the project opened in 2014 and included Northstrom Rack, Saks Fifth Avenue OFF 5th and other stores. The second phase of the project is under construction and will include a Whole Foods store, a HomeGoods store and three restaurants from the Bartolotta Restaurant Group. The project will also add a Home Suites by Hilton hotel.
Fiduciary will construct and manage the residential units at the project. The firm plans to break ground this year on the first phase with a total of 250 apartment units and 50,000 square feet of ground level specialty retail space. Phase two will break ground in 2016 with another 250 apartment units and amenities including a fitness center, pool and entertainment rooms. The Fiduciary portion of the development will be called The District.
“We are particularly excited that the demand we see for high quality apartments at this incredible location will allow us to create a community of 500 apartment residences over the next three years,” Raddatz said. “Once that base is established and the complete fitness center, pool, entertainment rooms and personal services are established, we will be able to continue designing the whole community to meet other housing demand such as condominiums, row houses or possibly independent senior housing.”
The apartments will range from 500-square-foot studio units to 1,300-square-foot corner penthouse units. The average rent will be $1,275.