A 10,500-square-foot commercial building and four new townhouses are being proposed for a property located southeast of East Pleasant and North Jefferson streets on the Lower East Side, near downtown Milwaukee.Local entrepreneur Josh Delaney is leading the development project. It involves the demolition of the existing building at 1524-1540 N. Jefferson St. to make way for the new three-story commercial building and townhouses. The three-story building will go up on the northern end of the lot, Delaney said in an email.One of Delaney's companies, Apachii Capital LLC, bought the site for $1.28 million in the fall. It recently applied for a zoning change at the property to allow the development to move forward.The total project cost is $7 million. The overall development is called The 1500s, and the commercial building will be called The 1540, Delaney said.Delaney said Apachii Capital, currently located in St. Francis, will occupy about 80% of the building. Between five and 10 employees will be working there, he said.Delaney also owns Fab CBD, which makes and sells CBD products online.The other 20% of the building will be incubator space, which will accommodate between two and four start-ups.The third floor will primarily be a rooftop patio and work/lounge space, he said.Each townhouse will be roughly 3,500 square feet with three to four bedrooms, three to four bathrooms, a four-car garage and private yard.It will serve families and professionals seeking luxury living and privacy, and who are attracted to the area's walkability. Delaney's family will reside in one of the new residences.Delaney called the area "perfect for the ideal downtown Milwaukee lifestyle.""(We're) very excited to bring even more life into this amazing block of our city," he said in the email.Demolition and site work is expected to begin before the start of summer.