Linden Street Partners LLC
, which has offices in Pittsburgh and Santa Ana, California, indicated in a filing to the SEC that it is working to raise $3 million to help finance a residential development that it plans to build in Milwaukee’s Walker’s Point neighborhood.
The project is planned at 324 S. 2nd St., which is a vacant lot at the northeast corner of Florida Street and South 2nd Street.
Scott Richardson, managing partner for Linden Street Partners, declined to disclose the exact location, but acknowledged his firm is working on a development in Walker’s Point. The building will be about five stories tall, with approximately 70 apartments and a small amount of ground floor retail space.
The total cost of the project will be about $12 million to $13 million, Richardson said. Construction could begin in early 2017 and be completed a year later, he said.
While he would not disclose the specific location, Richardson raved about the Walker’s Point neighborhood.
“We love Walker’s Point,” he said. “We really like the dynamics of what’s happening there with the amount of bars, restaurants and shops that have popped up. There is not a ton of high-quality new residential developments in that neighborhood. We really think there’s an opportunity.”
The apartments will be upscale and will largely be marketed to millennials and empty nesters, Richardson said.
On its website, Linden Street Partners says it, “develops stylish urban residences -- market-rate apartments located in downtown areas that are well-served by transit and convenient to restaurants, nightlife, and community assets such as farmers markets and walkable storefront districts -- all in areas that exhibit economic and cultural vitality.”
The firm’s website shows two projects in Kansas City, one completed and one planned for completion in mid-2017.
“We look at things on the neighborhood level,” Richardson said. “We’re 100 percent urban-focused developers.”