A Milwaukee developer is targeting September for the groundbreaking of a new apartment and retail development on North Oakland Avenue coined the Ravenna, village officials said Friday.
A revised developer’s agreement for the $6.6 million, four-story project which includes 22 apartments, 7,500 square feet of retail space and underground parking will come to the Village Board for approval, Monday.
The building will be constructed across from the , in a vacant lot at 4533 N. Oakland Ave.
Ravenna's monthly rents will be around $1,650 for two-bedroom units, and $2,800 for three-bedroom units, the village’s Community Development Authority Chairperson Pete Petrie confirmed.
WiRED Properties President Blair Williams asked the CDA at an earlier meeting, to amend its earlier agreement and allow a switch to apartments. The change would reduce the minimum assessed value of the project, as guaranteed by the developer, from $7.7 million to $6.9 million or by about 10 percent.
Additionally, the amendment changes the developer’s obligation to share profits with the village. In the original agreement, it was outlined that WiRED would share any profits greater than 13.5 percent of its investment with the village.
The change stipulates that the village will receive a portion of profits only under two conditions: the developer sells the property within five years, or the developer converts the apartments into condos within ten years. Under either of these conditions, if profits exceed 15 percent, the village will get 50 percent.
Williams has promised one spot to Shorewood's Performance Running Outfitters, 4401 N. Oakland Ave., and said he is conversing with two other potential retailers that would be new to Shorewood.
The Ravenna could break ground around the same time Milwaukee developer slated for the Sendik’s parking lot at 4027 N. Oakland Ave. Walgreens will move across East Kenmore Place into the new development. The project was approved in June.