Wauwatosa's Community Development Authority wants to see a vacant site at the gateway of the Tosa Village district redeveloped for residential use.
The property is located at 7746 Menomonee River Parkway, or northwest of Harmonee Avenue and Menomonee River Parkway. The CDA-owned site is home to a vacant office building, but the city would like to see the building torn down in favor of single-family homes.
Members of the CDA on Thursday agreed to offer the property for sale. They are marketing the site to developers who would build three or four residential units with associated parking.
According to draft marketing materials, the land would be offered at $550,000. The CDA will take steps to raze the building, but are also open to a discounted purchase agreement if the developers propose self-demolition.
Conceptual plans show the property would have four three-story homes with garages on the first floor, a main living area on the second floor and bedrooms on the third floor. The rooftops would have outdoor or garden spaces with Tosa Village views.
CDA board chairman Mark Hammond said he considers the property a "gateway site" that's well located in Tosa Village.
Marketing materials describe the property as the "last redevelopment site in the heart of Wauwatosa Village, within blocks of numerous unique retail and restaurant experiences."
The materials also note the site's proximity to State Street, Hart Park, Hoyt Park and the Oak Leaf Trail. It has a walk score of 82/100, a bike score of 74/100, and offers "great panoramic views of the Village."
The CDA worked with Brookfield-based R.A. Smith to determine feasible development options at the site.
If the CDA does not see any interest from private developers, it could take a more active role in developing the site, Hammond said.
The CDA plans to approve the land sale and award the demolition work to a successful bidder at a future public meeting.
The property was originally to be redeveloped into condos as a complementary phase to Harmonee Square next door. That project never moved forward. The CDA acquired the property from Commerce State Bank this spring.