$ 100 million development wants $ 9.5 million in funding from Bayside
A $ 100 million mixed-use project planned for Bayside is asking for $ 9.5 million in village funding.
Development, which would create 650 apartments and other housing units, a hotel and a possible new house for the North Shore library, in September has received zoning approval from Bayside Village Council.
Now, the board of directors will consider development firm Cobalt Partners LLC’s request for additional tax funding district at the development site.
This area is north of West Brown Deer Road between I-43 and North Port Washington Road, south of White Oaks Apartments. The development was originally known as One North, but that name needs to be changed.
A subsidiary of Cobalt, Bayside Development Partners LLC, is seeking an agreement with the village that would allow it to raise money from the property tax revenue from the project.
Cobalt would use the money “to cover costs primarily related to infrastructure, including roads, utilities and safety improvements along Port Washington Road,” according to a new issue of Bayside Buzz, the village’s official bulletin.
The company would receive these payments, which would eventually total $ 9.5 million, “as development occurs and milestones are met,” the bulletin said.
The development, which will be built in phases, is expected to create $ 100 million in new real estate value over an estimated five-year period, according to Scott Yauck, chief executive officer of Cobalt.
Yauck told the Milwaukee Journal Sentinel that it would take about seven to eight years to generate the $ 9.5 million to offset Cobalt for infrastructure costs.
Once that amount was repaid, all property tax revenue would go to the village, its school districts and other local governments.
The village hires the consulting firm Ehlers Inc. to assess the funding proposal, which will be reviewed by the Planning Commission and the Village Council. The commission and council will also consider more detailed plans for the development.
Cobalt wants to start construction next spring.
Concept plans call for 550 multi-family units, which could be apartments or condos, in six buildings no larger than six stories. Some of these buildings could include retail space on the first floor.
This would be mostly market-priced housing, but could include housing for the elderly ranging from apartments for people living independently to people in need of nursing care.
Another 100 three-story townhouses would be built.
Commercial projects could include a four-story, 100-room hotel, a five-story, 300,000 square foot medical office building, and space for stores, restaurants and other businesses.
The proposal includes a three-storey building with the North Shore Library on the ground floor and housing or commercial space on the upper floors. It would be next to the outdoor public space.