Over 300 high-end apartments proposed for Bayshore
The redevelopment of Glendale’s Bayshore mixed-use project is to include four apartment buildings with over 300 units, according to new plans submitted to city officials.
Two of the buildings would have 119 units and 79 units.
The two other buildings would each have 59 units, according to plans submitted by Engberg Anderson Architects on behalf of Dallas-based Cypress Equities LLC, which operates Bayshore.
The high-end apartment buildings, ranging from four to five stories, would be just west of North Lydell Avenue — the boundary between Glendale and Whitefish Bay.
Three of the buildings are to wrap around the parking structure on Bayshore’s east side. The other apartment building would be just north of the parking structure.
The apartment community would include both covered and surface parking spaces, as well as an outdoor pool, club room and an elevated court yard, the plans show.
There also would be a public plaza facing Lydell Avenue.
The plans are to be reviewed by the Glendale Community Development Authority at its Tuesday meeting.
The plans also need Common Council approval.
The council in 2019 approved the general redevelopment plans for Bayshore, including conceptual plans for new apartments, a hotel and a medical office building.
Meanwhile, new retail tenants, including Total Wine & More and Target, are coming to Bayshore. A revamped public square, now called The Yard, opens Friday.
Glendale is providing up to $37 million for the redevelopment. That money will come from Bayshore’s property tax revenue — but only if new buildings are developed.
In return,
Glendale’s
remaining
Bayshore tax incremental financing debt of $57 million was paid off by the property owners.
The city took on that debt when it helped pay for the 2006 creation of what was then named Bayshore Town Center. That project combined the old Bayshore Mall with several new buildings, parking structures and a street grid.
The city wouldn’t have been able to pay off that debt with Bayshore’s existing property tax revenue. That’s because Bayshore’s value has declined steeply.
Bayshore’s assessed value was $310 million until 2019 — when it was slashed to $65 million. A revamped Bayshore could have property values totaling more than $200 million, according to the city.