A $200 million project along Interstate I-43 in the village of Bayside is being proposed by Cobalt Partners that would include a 30-story apartment tower, grocery store and office space.
Milwaukee-based Cobalt has assembled nearly 28 acres north of Brown Deer Road, east of I-43 and west of Port Washington Road for the project, named OneNorth, the firm announced Wednesday.
“Bayside and its surrounding North Shore communities already offer an unparalleled combination of high-end amenities, modern convenience, and safety within a landscape of lakeside parks, walkable districts, and easy access to transportation,” Cobalt president and CEO Scott Yauck said in a written statement. “OneNorth will supplement and enhance those attributes in a thoughtful way.”
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The apartment tower would have 260 to 280 units. Plans also call for 10 townhouses and 72,000 square feet of retail with another 50 to 90 units above. There would be 60,000 to 100,000 square feet of office space.
The redevelopment project will include the demolition of several existing office buildings on the site and the instalation of new public infrastructure to accommodate the new buildings.
Cobalt Partners has been in discussions with Village of Bayside officials regarding a public-private approach to facilitate the redevelopment effort. There will likely be a tax incremental district created to finance certain components of the project, although the amount of the TIF has not been finalized.
Yauck called the project a “game-changer” for the North shore that will rival any downtown Milwaukee living option.
“The luxury tower will offer an elevated style of living – both literally and figuratively – never before available in the North Shore,” Yauck said.
Construction is expected to begin in spring 2019 with staggered openings in 2020 and 2021.
Village of Bayside Manager Andy Pederson said Bayside has explored various alternatives for the property over the years and in the last several months engaged with Cobalt Partners.
The public is invited to learn more about the project at 5 p.m. Sept. 27 at the Bayside Village Hall.