F Street to demolish Brown Deer offices for 148 new apartments

It's good to see more new developments around there.

From the article:

Milwaukee developer F Street is seeking village of Brown Deer financing to tear down two empty offices and build 148 market-rate apartments.

That’s according to items the Brown Deer Village Board is to consider Monday. The project could receive up to $6.46 million in tax incremental financing support.

This would be F Street’s third large apartment development in Brown Deer after The Bevy that it sold in 2022, and the Greenlink residences that opened last year and are seeing high occupancies, said Scott Lurie, founder of F Street.

“We continue to explore development opportunities in the village of Brown Deer,” he said Friday. “We’ve had great support for our existing projects and hope to continue to bring quality housing to the village.”

The latest proposal is north of West Brown Deer Road at North Deerbrook Drive. F Street proposes about 148 garden-style apartments in two-story buildings, with individual entrances for each unit. The project also includes a 1-acre corner lot on Brown Deer Road that could host commercial development.

The property currently has two unused office buildings, including one formerly used by Ascension. Those would be demolished to clear about 7.8 acres for the development, according to project plans filed with the city. The project is expected to result in more than $20 million of new property value by 2026, according to village records.

Village officials are considering two financing tools to support the project.

Those include a $2.6 million loan that F Street would repay within two years. About $1.8 million of the loan would be released in November to help finance the land purchase, and another $800,000 would help cover the demolition of the office buildings, according to a village staff report.

The Village Board is to consider the loan agreement during its Monday meeting.

In addition to the loan, the village could provide TIF incentives to the project. A current proposal would let the developers recover up to $6.46 million in the property taxes generated by the project between 2026 and 2045. Those represent about 95% of the new property taxes generated by the project for the first 10 years of the agreement, and 65% after that.

The exact terms of the TIF agreement are still under negotiation, and could be finalized next month. That proposed TIF district would require separate approvals.

F Street and the village of Brown Deer also partnered on the Greenlink project. For that, the village sold F Street the project site at 8725 N. 43rd St. for $1, for example.