Apartment site at Bucks arena parking structure sold
An apartment development site next to the new Milwaukee Bucks arena parking structure has been sold, signaling an imminent construction start.
The site, just east of North Sixth Street, between West Juneau and West McKinley avenues, was sold for $830,000 to Park 7 Lofts LLC, according to state real estate records filed Wednesday.
The parcel, which is just under a halfacre, was sold by Deer District LLC, a group affiliated with the Bucks.
Park 7 Lofts is an affiliate of Royal Capital Group LLC. That firm in February 2017 announced plans to develop the six-story apartment building — later dubbed Park 7 Lofts.
A scheduled construction start couldn’t be immediately determined Wednesday. The development plans are proceeding, Barry Baum, Bucks senior vice president of communications, recently said.
Park 7’s estimated total development cost is $23 million, according to Royal Capital’s website. It is being privately financed.
Park 7 Lofts was initially to have 90 apartments. It has since been approved by the Plan Commission and Common Council for 112 high-end units.
The building plans also call for 13,000 square feet of street-level commercial space. That could include a neighborhood cafe, flexible event space and a sports lounge.
Planned amenities for residents include a fitness center, and a rooftop terrace and club room.
If construction starts this spring, Park 7 would likely be completed in spring 2019.
Park 7 will include a large share of studio and one-bedroom units, as well as two-bedroom apartments, Royal Capital owner Kevin Newell said at a June hearing. Royal Capital hasn’t yet disclosed projected rents.
The new arena parking structure opened last fall. The new Bucks arena, just to the south, will be completed by late summer. That $524 million project includes $250 million in public financing.
Other new privately financed developments near the arena include the $31 million Bucks training center, which opened in August at 1201 N. Sixth St.; the $10 million Froedtert & Medical College of Wisconsin McKinley Health Center, which opened in November at 601 W. McKinley Ave.; the Bucks-owned entertainment center, which is under construction and scheduled to open in April 2019 at 1100 N. Fourth St.; and the $27 million 150-room Hyatt Place hotel, which is scheduled to open in June at 821 W. Winnebago St.