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Shorewood Reimbursed Cost for Razing of Riverbrook under Land Purchase

Wauwatosa-based Wanguard Partners purchases the vacant lot and two apartments for $1.5 million, while three developers are interested in bringing senior housing or retail shops to Shorewood.

There could soon be movement at the site of the former Riverbrook Restaurant with Wauwatosa-based Wanguard Partners purchasing the now vacant lot and two aging apartment buildings.

The commercial real estate firm bought the property at 1111 E. Capitol Dr. from Sunrise Senior Living Inc. for $1.5 million, according the Milwaukee Business Journal.

Additionally the village tells the newspaper, three developers have proposed apartments, retail shops or senior housing for the site. The developer showing the most interest is proposing senior housing. Village officials have said they would like to see when the market improves.

would reimburse the village through a special assessment on its tax bill.

Village Manager Chris Swartz said Monday Sunrise paid Shorewood back the $60,000 as part of closing the deal with Wanguard.

The site also was the former home of the popular Pig 'n Whistle, until it became Riverbrook Restaurant in 1992.

Absolutelyfabulous April 10, 2012 at 12:54 AM
Let's wait to see what kinds of financial packages are put together for the developers and the reasons given. Now, if you're interested in taking a hop, skip & a jump over to another article you may find some interesting info. So, the one of the reasonings behind the financial windfalls given to the most recent developers building is that their multi-million dollar developments will raise the property values surrounding them and thus the Village will be able to assess the properties at a higher value and raise more taxes. The current housing conditions/climate benefits apartment owners. These developers coming in to build apartments (and upper level ones for that matter,) as well as receiving these ridiculous amounts of subsidies/grants, are the direct beneficiaries of this climate. Whereas, Mr. & Mrs. current & potential homeowner are getting slammed on all fronts and that is not going to change anytime soon. So, the apartment developers get a huge financial boost up front and get to spread out their payback over 15-20 yrs in addition to the properties coming onto the tax rolls how many years after the fact? In the meantime, justification of this "added value" of heavily subsidized apartments, (which the developers will be making $$$$ ASAP,) will be for increased property values. There's no direct correlation. Click on the link and read the 3 posts, from top to bottom. http://foxpoint.patch.com/blog_posts/preparation-is-the-key-to-selling-your-home

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