The developer of the River Place Lofts in Walker's Point is planning to put up another 69-unit building at the development site, where the former Sprecher brewery once stood.
River Place Lofts is a group of apartment buildings at The Tannery complex, and is located along West Freshwater Way and west of South Sixth Street. Soon to join the three renovated historic buildings, the next apartment building could be 69 units of new construction.
Peter Moede Jr. is leading this fourth and final phase of the River Place Lofts. Moede said construction of the 80,000-square-foot, six-story structure could begin in July. The project team is wrapping up final design work and will soon apply for building permits.
The $15 million project will also include a layer of underground parking with more stalls on top of it next to the apartment building.
It will have 42 one-bedroom and 27 two-bedroom units. They will range in size from roughly 500 square feet up to 1,250 square feet. Eleven two-bedroom units on the corners of the building will have large 220-square-foot balconies.
Rental rates will range from $1,110 to around $3,000, he said.
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Once the building comes online, River Place Lofts will have 200 total units.
"It (phase four) wraps up the site nicely," Moede siad. "It will be the last on that site."
He noted that since the building is new construction, it will have a different look and add features not found in the other buildings.
For instance, the balcony spaces will have floor-to-ceiling glass. The building will also have a 2,500-square-foot rooftop.
"This is a complement to what was already there," Moede said.
Demolition of the previous building on the site finished up about a month ago. Identifiable by its large smokestack, it housed Sprecher Brewing Co. until the mid-1990s. The company relocated to Glendale after a canal retainer wall fell into the Menomonee River, taking the old brewery's parking lot with it, according to Sprecher's website.
Moede said he wanted to save the former Sprecher building but couldn't due to its condition.
The development of River Place Lofts has been a family affair: Moede's father, Peter Moede, started with the redevelopment of the 64-unit Beam House. Moede Jr. helped out with the Docks Building renovation, and was co-developer of the Finishing House. He then led the development of the three-story townhouses that were completed in January.
Moede Jr. said his father is still involved with the project, providing his guidance and expertise.
The two have their sights set on more projects in the near future. Moede Jr. said they are currently planning the redevelopment of the former Courteen Seed Co. building they own at 222 W. Freshwater Way. It is located on the other side of the Reed Street Yards business park from River Place Lofts.