Fox Point-based General Capital Group LLC recently closed on the purchase of three acres of land and secured financing to build a 90-unit independent living senior housing complex along the South 76th Street, adjacent to Southridge Mall.
The development, known as Berkshire-Greendale, is expected to begin construction this week and will be completed in early 2012.
The 9-acre site for Berkshire-Greendale is part of a 24 acre tax incremental financing (TIF) district created by the village to revitalize the area around the mall. A major redevelopment project is being planned for the mall by its owner, Simon Property Group Inc.
“Our village leaders have been exploring and developing various options for energizing and revitalizing the 76th Street commercial area and we have been encouraged by the feedback within our community,” said Village President John Hermes. “This housing component is one of many recent efforts to enhance the corridor and drive additional growth and development in the surrounding area.”
