Bob Schultz, who wants to build a mixed-use condominium, hotel and retail space development called Rivianna along the Milwaukee River just south of the Third Ward, is making changes to the project to address the concerns of neighbors. Rivianna will still feature three towers each 16 stories high. However, the base of the development will be three stories high instead of five, which will allow more sunlight to pass through. To address noise concerns, Schultz has dropped plans for a helipad and a waterfall.
He has also reduced the number of condos planned for the building from 220 to 165 and reduced the size of the hotel from 81 rooms to 60. It will be an independent boutique hotel with a contemporary style, Schultz said. In addition, more of the parking will be underground. Last night Schultz hosted a community meeting about the project. He is hoping to obtain city approval for the project in July. The Zoning, Neighborhoods and Development Committee will review the latest plans on July 3, Schultz said.
Schultz wants to get the project started by the end of the year, but delays in gaining approval will likely push the start of construction back to early 2008, he said. Construction delays will result in higher material costs and will reduce the community benefits that will be included for the project which will include affordable housing units, union labor and minority workers, Schultz said. "I’d like to do more (community benefits) not less," he said. "That’s one thing I’m particularly proud of. I’m doing it because it’s the right thing to do to uplift the broader community when you do projects."
Schultz is not seeking tax incremental financing (TIF) for the project. He says he does "not necessarily" need to sell several condos before obtaining financing for the project. "I have a number of debt and equity sources lined up," he said. Schultz was a co-developer in the redevelopment of the former Teweles Seed Co. building at 222 S. Third St., Milwaukee, into housing and is a co-developer in the 80-unit River Renaissance condominium development that is under construction at Water and Erie streets in the Third Ward.
To learn more about Rivianna go to: www.rivianna.com
