Hales Corners-based Wimmer Communities is planning to develop a new luxury apartment building at the site of a vacant former North Shore Bank building in Shorewood.
The existing building at 4414 N. Oakland Ave. would be torn down to make way for a four-story, 43-unit building called The Eyrie.
"The Eyrie shall serve as a landmark residential community at the center of the walkable live, work, play neighborhood throughout Shorewood Central District," Wimmer stated in project documents.
Units would be a mix of one and two bedrooms, with rental rates between approximately $1,500-$2,800 per month, according to project plans filed with the village. Wimmer estimates residents will make on average more than $90,000 annually.
A 2,550-square-foot central lobby and residential club on the first floor would include management offices, a community center, catering kitchen, fitness center, coffee bar, secure package and mail room and an outdoor patio.
If developed, the building would have an estimated $8.15 million fair market value.
Wimmer said The Eyrie would cater to empty nesters, young professionals, families in transition due to new-home construction, and term corporate employees such as academics, consultants and professional athletes.
"Wimmer Communities has excelled in this market and is confident that the demand for this type of housing shall successfully embrace the vision of The Eyrie," Wimmer wrote.
The developer has applied for a parking special exception. This would allow the development to have fewer parking spaces than what is required by village code.
The request will first be considered by the Shorewood Plan Commission on Tuesday.
According to project plans, The Eyrie would have 30 underground stalls and 14 stalls on a surface lot. This means the development would have one parking stall per residential unit, though the village requires 1.75 stalls per unit.
A Wimmer spokesperson declined further comment ahead of the Plan Commission meeting.
The existing 17,000-square-foot building was constructed in the 1960s and was used as a bank until 2017. North Shore Bank vacated the building and put it up for sale after building a new branch nearby, at 4060 N. Oakland Ave.