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Mandel Plans to Break Ground on 6-Story Oakland Avenue Development This Month

Developer also says it has closed on financing needed for new structure.

Milwaukee-area developer Mandel Group announced Wednesday it plans to break ground this month on its six-story structure slated for North Oakland Avenue.

Mandel also announced Wednesday, in a statement, it has closed on the financing related to the development coined LightHorse 4041.

The to be built in the parking lot, 4027 N. Oakland Ave., includes 84 apartments, a 18,000 square foot Walgreens retail store and a two-story parking structure behind the grocery store; creating 204 parking stalls.

will move across East Kenmore Place from its current location at 4081 N. Oakland Ave. into the new structure.

Seventeen apartments, or 20 percent of the development, have been identified as affordable housing units. The remaining units will include a mix of one-, two- and three-bedroom units.

Shorewood has agreed to provide Mandel with a $4.12 million grant to be recovered through property taxes generated from the development and a $3.54 loan with revenue generated through rent.

The village will incur another $1 million in fees and other costs. Shorewood will also finance an additional parking level for $1 million out of its special tax district No. 1 and funds from its parking fund.

Mandel says the Wisconsin Housing and Economic Development Authority completed the sale of $54.6 million of tax-exempt Midwest Disaster Area Bonds to private investors, as part of financing the LightHorse and another development in downtown Milwaukee.

In conjunction with new development on the Oakland block, the village has pledged to , with a $350,000 package: a $150,000 business incentive loan and $200,000 grant.

The remodel will include a lot of minor changes, moving of aisles, replacing equipment and redoing floors.

LightHorse will be built by Pewaukee-based VJS Construction Services Inc. and was designed by Engberg Anderson Design Partnership.

by developer WiRED Properties on Oakland Avenue. The Ravenna, being erected in the vacant lot at 4533 N. Oakland Ave. across from the , includes 22 apartments and 7,500 feet of retail space.

have been announced for the storefronts including Yo Mama, a frozen yogurt shop in Wauwatosa with plans of opening another location in Brookfield; Indulgence Chocolatiers, a Waukesha-based artisan chocolate wholesaler opening its first store; Elements East, which specializes in art, furniture and other accessories from Asia; and Performance Running, which will move from its temporary space in Shorewood at 4401 N. Oakland Ave.

Bob McBride February 02, 2012 at 04:31 AM
Mandelwood....doesn't quite invoke the picturesque image that Shorewood does, but I suppose you'll all get used to it.
Anne February 02, 2012 at 04:36 PM
Dislike.
Vicki Bennett February 02, 2012 at 08:31 PM
I just want to know if Shorewood has planned to repair our streets that are already in a state of disrepair to accommodate the increase in traffic that all the construction vehicles and the new residents are going to generate with the new housing developments in the village. With the exception of Capital Drive and few major streets that have been recently repaired, our streets are like living in a third world country. Quite frankly, most people can't afford to have increased property taxes to meet the vision of our village board. If Mendelson is paying back a loan to Shorewood, will they have the money to pay increased taxes to accommodate extra services that the village must provide?
Vicki Bennett February 02, 2012 at 08:49 PM
Oops, sorry. The name is Mendel from above.
North Shore Newbie February 04, 2012 at 11:25 PM
Can you clarify whether those four "businesses announced for the storefronts" are moving into the Ravenna or the Lighthorse?
Adam W. McCoy (Editor) February 06, 2012 at 06:50 PM
Hey North Shore Newbie, The four new businesses will move into the Ravenna development.
Alol April 06, 2012 at 06:38 AM
What's going on with Pick 'n Save and the old Walgreen's/Schwartz book store buildings? Will that all be torn down? Will we get a Metro-Mart PnS?
Doug December 29, 2012 at 03:55 AM
I'll volunteer to tear down the Pick 'n Save myself. What a dump.

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