A 21-acre lakefront site in St. Francis has been purchased by an affiliate of a Chicago-based property management company that plans to build a nearly 500-unit apartment development there.
The site, located at 3700 S. Lake Drive, was sold for $11 million.
Atlanta-basedÂ
Campbell Capital Group and Illinois-basedÂ
M&R Development are planning the two-phase apartment development project, called The Bluffs on Lake. The development’s first phase will include 278 apartments in a four and five-story building with one level of underground parking and around 8,000 square feet of first-floor retail.
Project plans show amenities including a fitness center, bocce ball court, rooftop common areas and an outdoor pool.
Following the completion of the first two buildings, the developers are planning a second phase with about 200 more apartments and another 4,000 square feet of retail space.
The project plans received approval from the City of St. Francis in early 2022. At the time, the developers said construction could start by the end of that year.
In September, a representative of Campbell Capital Group told BizTimes the project was on track for a November construction start.
The property was purchased from a Brookfield-based entity by an affiliate of Chicago-based RMK Management, according to state records. RMK manages 2929 On Mayfair in Wauwatosa and 42 Hundred On The Lake in St. Francis, both apartment complexes that were developed by Campbell Capital Group.
Representatives from Campbell Capital Group and M&R Development did not immediately respond to request for comment.
