The new owners of the Riverwalk Apartments near downtown Waukesha are planning to develop additional units on a neighboring vacant parcel.
In February, affiliates of Fox Point-based General Capital Group and Milwaukee-based Joseph Property Development LLC purchased the apartment buildings, totaling 136 units in all, for roughly $15.6 million, state records show. The apartments are located along Riverwalk Drive near the southeast corner of West St. Paul Avenue and North Prairie Avenue.
According to a report submitted to the Waukesha Common Council by city planner Maria Pandazi, the owners will potentially build more apartments there at a vacant site just south of the existing apartments, near the southeast corner of Riverwalk Drive and North Prairie Avenue.
The report indicates the developers could add somewhere between 24-30 market-rate apartments there, with an estimated value of between $6 million and $8 million. Before moving forward with those plans, the developers plan to sell off the undeveloped parcel to a separate LLC, though the entity would still be controlled by the same ownership group.
This sale of land will need to first be approved by the Common Council, due to a development agreement that was signed in 1990 between the original apartment developer and the city. A provision included in that agreement states the developer is not permitted to separately sell off or divide the development to separate owners unless first receiving permission from aldermen.
Common Council members are likely to consider the matter next week.
Robert Joseph, founder of Joseph Property Development, said any development plans at the site are still conceptual. He said his group is managing the apartment buildings, and directed further questions regarding potential development plans to General Capital.
Representatives with General Capital did not immediately respond to requests for comment.
