St. Francis Apartments Grow As Similar Ones Planned For Oak Creek

OAK CREEK, WI — A nearby apartment development is filling up with new residents amid an area housing shortage. The apartment building, located on the bluffs of Lake Michigan in St. Francis, could serve as an example for what's to come to Oak Creek.

42 Hundred On The Lake, an ongoing apartment construction in St. Francis, is holding its grand opening today, according to a news release. Since its first stage of opening in April, the development has already reached 67 percent of occupancy, "a very fast leasing velocity," Kathryn Kjarsgaard, the development's representative, told Patch.

The developer said that the housing market in the St. Francis area is limited, especially when it comes to new construction. The demand for an apartment building like 42 Hundred On The Lake is great, according to Kjarsgaard. The housing shortage is not exclusive to St. Francis — a TMJ4 News Station report said that housing shortages are across the Milwaukee area, and that new unit construction simply cannot keep up with growing demand.

About 47 percent of the people who have leased out 42 Hundred On The Lake have already moved into 112 units, Kjarsgaard said. Residents aren't just from St. Francis. They are coming from all over, many are young couples, but the larger apartments have been leased out to a lot of "empty nesters,"Kjarsgaard said.

Many are coming from surrounding suburban areas and some are downsizing from homes, according to data from the developer handed off to Kjarsgaard.

The new development is similar to a few others that have been proposed for Oak Creek. A development near IKEA and Interstate Highway 94 has already broken ground — Hub13 will eventually create 300 new apartments in Oak Creek by the end of this year.

The list of new developments planned for Oak Creek doesn't stop there.

Another development that could create hundreds of new homes, Lakeshore Commons, received the City of Oak Creek's blessing when the Common Council agreed to provide $30 million in financing for the project, the Milwaukee Journal Sentinel reported.

The development will take up a 66 acre swath of unused land that used to be an environmental hazard, according to the Journal Sentinel report. About 700 new homes could be constructed on the vacant land near Lake Vista Park, the report said.

The new developments coming to the area each boast a list of luxury amenities. 42 Hundred On The Lake features quartz countertops, white marble bathroom vanities, stainless steel appliances and more, according to a news release from the developer.

Not to mention the Lake views that the apartment would offer, as the development is constructed right on Lake Michigan.

The development offers courtyards, one with an infinity pool, a cardio and weight room, grilling stations, bean bag courts and more. The amenities are comparable to those being featured in the new Hub13 project.

While Hub13 and 42 Hundred On The Lake are apartments, Lakeshore Commons will bring a new market for home ownership in Oak Creek.

The $30 million that Oak Creek committed to the project wasn't for nothing — the city could expect a large new tax base with the development to offset the initial funding, according to the Journal Sentinel report — a gift that could keep giving for years to come, especially as home prices rise.

About 42 Hundred On The Lake

Located at 4200 South Lake Drive in St. Francis, the development has brought 236 new apartments that overlook the Lake.

“There’s only so much Lake Michigan shoreline available, and with the Milwaukee area booming, we knew renters would be drawn to the rare opportunity to live in a new building that lives more like a resort with high-end interiors, endless amenities and stunning skyline and waterfront views,” Anthony Rossi, Sr., one of the developers, said about the development.

Rent for the units ranges from about $1200 to over $3,300, a news release said. Many units offer balconies or patios, alongside a host of shared amenities and private luxuries.

See Also: Hub13 Rental Community Construction Breaks Ground