Milwaukee-based Mandel Group Inc. plans to build a three-building, 103 unit luxury apartment development on parking lots south of East Beaumont Avenue between North Santa Monica Boulevard and North Consaul Place in Whitefish Bay.
If the project is approved by village officials Mandel Group hopes to break ground on the $27 million project in early 2013, said senior vice president Richard Lincoln. Mandel Group is seeking approximately $5 million in tax incremental financing (TIF) from the village for the project, he said. The deal also would include about two-thirds of the site, which is owned by the village.
The development would consist of three four-story buildings. Two of the buildings would have structured public parking on the first floor. Parking for the apartment residents would be underground.
All of the apartments will be leased at market rates, Lincoln said. Rents will be about $1,300 to $2,400, he said.
The project will be within walking distance of Bayshore Town Center in Glendale and the Silver Spring Drive retail corridor in Whitefish Bay.
“We think the market will mostly be empty-nesters,” Lincoln said. “People who live in a big house in Whitefish Bay and want to stay in the area but no longer need that much space.”
