City fi­nanc­ing for St. Fran­cis lake­front apart­ments ap­proved

Milwaukee Journal Sentinel - - Business - Tom Daykin Mil­wau­kee Jour­nal Sen­tinel USA TO­DAY NET­WORK - WIS­CON­SIN Tom Daykin can be emailed at [email protected] and fol­lowed on In­sta­gram, Twit­ter and Face­book.

A pro­posal to pro­vide pub­lic fi­nanc­ing help for a lux­ury apart­ment devel­op­ment on the St. Fran­cis lake­front has re­ceived city ap­proval.

The St. Fran­cis Com­mon Coun­cil voted Tues­day night to grant $9.6 mil­lion to Camp­bell Cap­i­tal Group LLC’s apart­ment project.

New prop­erty tax rev­enue from the $38 mil­lion devel­op­ment will be used to make an­nual in­stall­ments to Camp­bell Cap­i­tal Group for 16 years.

The At­lanta-based firm plans to de­velop 236 units in a build­ing, rang­ing from two to four sto­ries, on 7.5 acres at 4200 S. Lake Drive.

That devel­op­ment will in­clude un­der­ground park­ing, a club­house with an out­door swim­ming pool, a fit­ness cen­ter and a court­yard with a grilling area.

Camp­bell Cap­i­tal Group plans to be­gin con­struc­tion in early 2019, with com­ple­tion by the se­cond half of 2020.

It is the se­cond large high-end apart­ment devel­op­ment in the works for the St. Fran­cis lake­front.

Kenosha-based Bear Devel­op­ment LLC is con­struct­ing 11 two- to three-story build­ings, to­tal­ing 221 apart­ments, with en­closed park­ing.

Known as Mariner Apart­ments, the devel­op­ment will in­clude three ad­di­tional build­ings with garages, as well as a club­house with an out­door swim­ming pool. The 11-acre project site is at 4000 S. Lake Drive.

The first units will be avail­able in Fe­bru­ary, with the en­tire project to be com­pleted by the end of 2019.

Bear Devel­op­ment will re­ceive $7.1 mil­lion in city fi­nanc­ing help gen­er­ated by the $24 mil­lion project.

Devel­op­ment plans for a one-mile stretch of St. Fran­cis’ lake­front were ap­proved in 2001. Two condo projects be­gan open­ing in 2004.

But ad­di­tional devel­op­ment ground to a halt for sev­eral years af­ter the hous­ing bub­ble burst in 2007.

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