TIF Assistance Proposed For Waukesha Apartment Project

WAUKESHA, WI—The City of Waukesha Finance Committee will consider a proposed tax increment financing assistance on Tuesday for the development of three buildings of multi-family housing near St. Paul Avenue and Brehm Street, according to the city.

General Capital and Joseph Property Development are under contract to buy a portion of the Waukesha State Bank land and other property along the north side of the Fox River, according to the city.

The site consists of about 2.5 acres and is currently occupied by parking lots.

"This proposed development is within the boundaries of Tax Incremental Finance District number 26, which is a Rehabilitation Conservation district created in 2019 to incentivize redevelopment of the long-vacant lands between St. Paul Avenue and the Fox River, west of Barstow Street," the city said.

The $31 million project plan anticipates $12,000,000 in development incentives within the district, along with additional spending on roads/utilities, property acquisition, environmental remediation, and riverfront improvements, the city said.

The city’s proposed contribution would be $7,590,000 and would include an upfront payment of $2,840,000, the city said.

Up to an additional $4,750,000 would be paid to the developer in the form of a municipal revenue obligation, otherwise known as a pay-as-you-go incentive, the city said.

This money would be in the form of annual payments to reimburse the developer. It is anticipated the district could close in 2039, the city said.

Apartment Development

The proposed development includes three separate three-, four- and five-story multifamily residential buildings comprising 192 units, with the ability to add 20 units for a total of up to 212 units, ranging from 690 to 1,578 square feet, the city said.

Rents would be in the $1,200 to $2,200 per month range, the city said.

Each building will consist of upper-story residential units above enclosed parking. There will be about 279 parking stalls — 243 enclosed space and 36 surface spaces — as well as bicycle racks. An additional 40 public parking spaces will be available.

The project will feature exclusively multifamily rentals with the exception of about 2,000 square feet of retail space along Barstow Street.

The developer will be donating a 0.26 acre parcel of land to the City of Waukesha for development of a small park connected to the Riverwalk, the city said.

The Waukesha Plan Commission unanimously recommended approval for the final site plans and architectural review for a Fox River development in October.