A frozen yogurt shop, a chocolate store and an Asian home decor business are coming to Shorewood in a new four-story development on North Oakland Avenue.
Milwaukee developer WiRED Properties annonuced four new retailers for its new Ravenna project: 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.
will make the move from its Whitefish Bay location at 109 E. Silver Spring Dr., where it has been for more than a decade.
“We are thrilled for our move to Ravenna,” Alicia Urban, owner of Elements East, said in a statement. "The opportunity to take new construction space in one of Milwaukee’s most dynamic retail locations was compelling.”
Indulgence owner Julie Waterman added: “We see the addition of a retail store as an opportunity to now connect more directly with our customers in a way we haven’t been able to in the past.
“We are looking forward to becoming part of the North Shore community, and we are particularly excited about being located in the new Ravenna development," she added in a statement.
WiRED recently broke ground on the at 4533 N. Oakland Ave., across the street from its recently finished project, . The development is expected to wrap-up by July, with retailers opening doors on July 4.
The project includes 20 apartments; 8,100 square feet of retail space; and underground parking. The apartments will range in size from 1,065 square feet to 2,300 square feet with a mix of one-, two-, and three-bedroom units. Ravenna's monthly rents will start at $1,500.
The project was orginally approved as condominium building in 2007, but a tough condo market forced WiRED Properties President Blair Williams to ask Shorewood to amend an earlier agreement and allow a switch to apartments.
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 amendment stipulates that the village will receive a portion of profits only under two conditions: if WiRed sells the property within five years, or if the developer converts the apartments into condos within 10 years. Under either of these conditions, if profits exceed 15 percent, the village will get 50 percent.
WiRED will fund the development through a loan and equity. The village said it would sell the lot to WiRED for $230,000, which is market value.
In addition, Shorewood has spent $1.2 million purchasing the lot, razing structures and helping relocate a business owner to other location in the village back in 2005. The village will recoup the costs through property taxes from the developments in its already existing special taxing district on North Oakland Avenue.
This is the second major project under way in the village.
plans to start construction of its $34.8 million, six-story apartment and retail development sometime this fall. The structure is slated for the parking lot at 4027 N. Oakland Ave. will move across East Kenmore Place into the new development.
The project was approved in June.