An affiliate of Milwaukee-based multi-family housing development firm Barrett Lo Visionary Development has purchased a 7-acre site at 500 W. Forest Hill Ave. in Oak Creek, just south of the Drexel Town Square project, from Giuffre XX LLC for $1.25 million, according to state records.
[caption id="attachment_147954" align="alignright" width="385"] Emerald Row developer Rick Barrett.[/caption]
Rick Barrett, owner of Barrett Lo Visionary Development, told BizTimes Milwaukee recently that his firm planned to purchase the site in order to add a third phase to its Emerald Row luxury apartment development at Drexel Town Square.
Drexel Town Square is an 85-acre, mixed-use project by a team of developers, led by Wispark LLC, at the former Delphi plant site southwest of Drexel and Howell avenues.
Barrett Lo Visionary Development is developing Emerald Row on the western portion of the Drexel Town Square site. The first phase of the project opened recently and Barrett said it has been so successful that he was already planning a third phase, which is why the site was purchase from Giuffre.
Phase one of Emerald Row has 167 units, phase two will have 240 units and phase three will have 250 units, for a total of 657 units. Barrett said he originally planned to develop 500 to 600 apartments in Emerald Row, but demand for the units has been higher than he anticipated.