Milwaukee-based Fiduciary Real Estate Development Inc., purchased just under 4 acres of land on the north side of the Mayfair Collection in Wauwatosa and will begin phase one Thursday of a residential development that is slated to eventually include up to 1,050 luxury apartments.
FRED-Synergy LLC, which is registered to Brett Miller, President & CEO, Fiduciary Real Estate Development, Inc. bought the parcel from HSA Commercial Real Estate, the Chicago-based developer of the Mayfair Collection, for $3.2 million, according to state records.
The property, at 11220 and 11240 District Drive, is located just north of the Bartalotta restaurants at the Mayfair Collection, and the 140-room Hilton Homewood Suites hotel that is currently under construction.
It will be the site for the first phase of the residential development, to be called, “Synergy at The District,” and will include 268 apartments with 50,000 square feet of ground level retail space, said Karl Schreiber, building and safety manager for the city of Wauwatosa.
The apartments will be built in two buildings, with apartments ranging from studio units to two bedrooms with dens that are 450 to 1,200 square feet. Rents will average of $1,450 a month, said Craig Raddatz, partner and vice president of acquisitions with Fiduciary.
“Features and finishes will be first class in the Wauwatosa area,” Raddatz said.
Amenities include two elevated outdoor courtyard common areas with entertainment-grade food grilling equipment, fire pits and outdoor entertainment cabana, fitness studio with cross fit system and tanning studio, Wi-Fi café, and clubroom with gourmet kitchen and media entertainment room with access to a 10,000-square-foot outdoor courtyard, Raddatz said.
HSA Commercial, owner and developer of The Mayfair Collection Phases I and II, Â will develop and operate The Mayfair Collection Phase III, retail space, to be known as “The Mayfair Collection Promenade at The District.”
The retail project will include “fashion-focused” retail, which will be located in the ground floor of each building, Raddatz said.
Long-term plans call for Fiduciary to develop more than 1,000 apartments at the Mayfair Collection over the next decade. So far, the city has approved the first 270, Schreiber said.
Construction on the apartments was originally expected to begin in spring 2015 with tenant occupancy projected for early 2016. The city now expects work to begin soon, Schreiber said.
The Mayfair Collection is a mixed-use development, with 400,000Â square feet of retail space, at Highway 45 and Burleigh Street. The first phase includes Nordstrom Rack, Saks Fifth Avenue OFF 5Th. Phase two is anchored by Whole Foods.
