Another new apartment building development is planned on South Kinnickinnic Avenue in Milwaukee’s Bay View neighborhood, which has attracted several development and redevelopment projects lately.
Milwaukee-based Dermond Property Investments plans to build a five-story, 72-unit market rate apartment building with 3,000 square feet of retail space at 2200 S. Kinnickinnic Ave.
The property has two buildings, one a 2-story 132-year-old building and the other a 2-story 90-year-old building, according to city records. The property was formerly the occupied by Faust Music.
The existing structures on the property would be torn down to build the new building, said Nora Pecor, chief financial officer of Dermond Property Investments.
“It’s in bad disrepair,” she said.
Dermond wants to build apartments on site because Bay View has become increasingly attractive, especially for young professionals, as more night life spots have opened in the neighborhood, Pecor said.
“There’s a lot of nightlife going on there that didn’t used to be there,” she said. “I think (the neighborhood is) doing really well with the young professionals because there is a lot to do. We see this as the next place to go.”
The Dermond project is the latest apartment development planned to meet the rising demand in Bay View.
Scott Genke, founder and president of SG Property Management LLC, plans to redevelop and expand the 86-year-old King Building at 2534 S. Kinnickinnic Ave. The project will expand the two-story building into a five-story building. It will include restoration of the storefront and creation of 32 luxury apartments. The building will have 4,000 square feet of retail space, plus 24 indoor and 12 outdoor parking spaces.
In 2012, HKS Holdings LLC completed development of Dwell, a new 70-unit apartment building with street-level retail space at 2440 S. Kinnickinnic Ave.