ST. FRANCIS — An apartment complex with 485 units could be coming to the St. Francis lakefront via a proposal from the same company that built the 42 Hundred on the Lake development, according to our news partner the Milwaukee Business Journal.
The building would be constructed at 3700 S. Lake Dr. which is currently vacant. In the past few years 450 apartments have gone up in that area between the 42 Hundred building and the Mariner.
Campbell Capital, Atlanta, and partner M&R Development of Chicago built 42 Hundred. The firms are behind the latest proposal for more luxury apartments. Officials with 42 Hundred told the Milwaukee Business Journal that they are seeing high demand from professionals aged 25 to 50.
If the plan goes through, the complex would be built in two parts. The first would be the construction of 285 apartments that would also feature a 8,000 square foot retail space facing Lake Drive. According to Campbell Capital, there is already interest in companies leasing that space.
If the apartment project goes through, construction could begin in 2022 and finish in about 12 to 14 months. The second building with 200 units and 4,000 square feet of commercial space would start once the first building reached a certain occupancy level.
The second building with 200 apartments and 4,000 square feet of commercial space, would start construction after the first reaches a designated occupancy in its apartments, he said.