For the second time this month, a residential developer has reduced the number of apartments being built by 100 units.
[caption id="attachment_164774" align="alignright" width="495"]
A rendering of the updated apartment proposal in St. Francis.[/caption]
The reduction is proposed in St. Francis, where Kenosha-based developer Bear Development has been planning
luxury apartments along Lake Michigan for several years.
Bear has resubmitted plans for the 11-acre site, which is located between the Park Shore condominium development at South Lake Drive and East Howard Avenue and The Landing condos at South Lake Drive and East Denton Avenue.
The original proposal called for 315 apartments. The plan has been scaled back to 214 units.
The change essentially puts Bear back to square one with the city, which will have to amend the planned unit development approved in January 2016, said Mark Johnsrud, St. Francis city administrator.
The new plan could also affect the $9.9 million TIF district approved by the city to help finance the project, although until the city receives Bear’s financing plan, the future of the TIF is unknown, Johnsrud said.
Bear officials held a community meeting on Feb. 16, explaining the changes were being made because they were seeing some declining rents in certain communities, especially with luxury apartments, Johnsrud said.
Bear Development officials could not immediately be reached for comment.
The original proposal included three four-story buildings with in-ground garages. The new proposal calls for two- to three-story buildings with above ground parking.
“This will be a more traditional neighborhood look and feel,” Johnsrud said. “There will be outside exits so no one will have hallways. They are also maintaining this is a higher-end development with higher rents in order to encourage people to live on the lakeshore.”
The one-, two- and three-bedroom apartments will range in price from $900 to $2,000 a month.
The St. Francis plan commission will review the changes Wednesday.
Last week, the Greenfield plan commission approved revised plans from Scott Yauck
, president and chief executive officer of Cobalt Partners, to scale back the residential portion of 84South, a 40-acre mixed-use development at 84th Street and Layton Avenue.
The original plan called for Fiduciary Real Estate Development Inc. to develop 360 apartments in four four-story apartment buildings on 7.5 acres on the western portion of 84South’s property. The number of apartments has been revised to 268 units.