The Waters Senior Living development at Drexel Town Square in Oak Creek could be the first of many in the Milwaukee-area for the Minnesota-based senior living apartment developer.
This week, the city of Oak Creek approved selling 2.5 acres of land to Minnetonka, Minnesota-based The Waters Senior Living, so the company could build a senior living facility with up to 140 apartments. The site is across the street from Oak Creek’s new city hall at 8000 S. Market St.
Brian Schack, associate developer at The Waters, said the company, which has developed and operates seven senior communities in the Twin Cities metro area and Rochester, Minnesota, has been looking at the Milwaukee area for more than a year.
He said the tenant mix in Drexel Town Square made Oak Creek the perfect fit.
“They have a nice apartment mix, a medical user, it is anchored by a Meijer, and a beautiful city hall,” Schack said. “It’s one of the nicer developments we’ve seen a city do.”
The Waters is also looking at possible developments west of Milwaukee and north of the city, although Schack would not say which specific communities the company is eyeing.
“We have a lot of lines in the water, but nothing as far down the line as Oak Creek,” he said. “We’re very committed to Milwaukee. The more I get out there, the more I fall in love with the city.”
As far as the Oak Creek project, The Waters will likely close on the property next spring and have the apartments open in summer 2018.
From there, the company will continue looking at expansion options.
“We do projects in both urban and suburban settings,” Schack said. “Redevelopment opportunities (like Drexel Town Square) favor our product, but we look for sites that work for us.”
