Article published January 31 2022 in Milwaukee Business Journal by Teddy Nykiel.
Mandel Group Inc. broke ground on its BridgeWalk Apartments along the Fox River in downtown Waukesha earlier this month, according to a Monday announcement.
Completion is expected in early 2023.
Located at 205 W. St. Paul Ave., the 116-unit development will include studio, one-bedroom, two-bedroom and three-bedroom floor plans with rents ranging from $1,050 to $2,230 per month.
The total value of the project is $30 million and Old National Bank is the lender, Mandel Group director of marketing Ian Thompson said.
The project will also be financed with $5.56 million from the city of Waukesha through a tax incremental finance development agreement approved last year. Under that agreement, the city will give Mandel Group a $2 million upfront cash grant upon issuance of a certificate of occupancy for the building. For the remaining amount, the city will reimburse the developer in a pay-as-you-go financing model as the development generates incremental taxes.
The complex will have one building with three and four stories of apartments, and one level of underground heated parking, according to the announcement. Amenities will include a club room, fitness center, secure bike storage and repair room, and a car wash. Outside, there will be a dog run, green roof, fire pit and grilling stations.
Other local apartment projects by Milwaukee’s Mandel Group include the $60 million Velo Village apartments at Ballpark Commons in Franklin, which saw its 265 units fill up more than a year ahead of schedule. Work on its 302-unit Hackney House apartment development at Pabst Farms in Oconomowoc is underway.