Bayside drops high-rise financing plan meeting

Bayside officials have canceled a Thursday meeting to decide on proceeding with financing help for a proposed apartment tower after residents raised concerns about the project.

The Bayside Community Development Authority’s board was to vote on whether to approve a project plan for the proposed tax incremental financing district at the OneNorth site.

That tax financing district, if also approved by the Village Board, could provide nearly $43 million to help finance OneNorth, which would feature the North Shore area’s only housing high-rise.

The funds would come from new property tax revenue generated by OneNorth.

That mixed-use development, proposed by Cobalt Partners LLC, would be anchored by a 30-story tower, with around 280 luxury apartments.

But that Thursday meeting has been canceled, and no additional authority board meetings are scheduled, according to a Wednesday notice from the village’s Bayside Buzz email newsletter.

“The Village has heard from many residents over the course of the last few weeks regarding the proposed mixed-use development concept offered by Cobalt Partners,” the newsletter stated.

“At last week’s CDA public hearing and subsequent public comment period, numerous residents voiced their thoughts. The Village respects those concerns and appreciates the willingness of all to engage in this important community conversation.

“As a result, the Village continues to give serious consideration to those concerns and has cancelled its next meeting,” the notice said.

Andy Pederson, village administrator, couldn’t be reached Wednesday for more information.

Scott Yauck, Cobalt owner, said village officials want to continue talking to residents about the tax financing proposal.

“My view is that the meeting is not permanently canceled,” Yauck said. “There will be a vote on this.”

The authority board’s public hearing, on Sept. 27, drew around 200 Bayside residents.

Most of the 30 or so people who spoke said they’re opposed to the project.

Many of those opponents said a high-rise wouldn’t be the right fit for a community that is primarily known for one- and two-story homes.

Supporters said OneNorth would generate new tax revenue and greatly improve a tired commercial area north of West Brown Deer Road between I-43 and North Port Washington Road.

The authority board listened to the comments and scheduled a second meeting for Thursday to vote on the proposed tax financing district before it was postponed. Yauck said that meeting could be rescheduled by the end of October.

“My sense is there’s still strong support for development there,” he said.