An Indianapolis-based developer is planning a roughly $50 million, 240-unit apartment project on a 13.5-acre development site on Milwaukee's far northwest side.
Ascent Development Group LLC
said it would ideally begin construction next summer on the multi-family project proposed for 9251 N. 70th St.
The vacant site is located southwest of West Glenbrook Road and North 70th Street. It borders Northridge Lakes to the northeast, and lies east of the former Northridge mall. It is being marketed for sale
by Cushman & Wakefield | Boerke and is "ideal for multi-family development," according to an online listing.
Ascent Development has had informal discussions with the Department of City Development regarding its development plans. It will present those plans on Monday morning to the Granville Advisory Committee.
In an emailed statement from principal Michael Rodriguez, Ascent Development said the development would be financed with low-income housing tax credits and be available to families who make no more than 60% of the area's median income.
Rents would range from $840 for a one-bedroom unit up to $1,150 for a three-bedroom unit.
Renderings depict a three-story apartment building and a clubhouse.
"This would be Ascent Development’s first community in Milwaukee and pending positive feedback from neighbors, we would anticipate construction starting in the summer of 2022, with plans submitted for approval in early 2022," the firm said in the statement.
According to DCD staff, the project would need approval either from the Board of Zoning Appeals or the City Plan Commission.
Ascent Development is a developer of affordable housing projects, including senior housing, according to its website. In that realm, it performs site identification and negotiations, entitlements and zoning, design and engineering oversight, financing applications, construction management and lease-up and stabilization.