“The Yards” Proposed for Walker’s Point
5-story mixed-use building with 87 apartment units on booming S. 2nd St.
Before the paint is dry on its first building, Pittsburgh-based Linden Street Partners intends to break ground on its second Milwaukee building. The firm is now planning a five-story, 87-unit apartment building for the empty lot at 223 W. Oregon St. in Walker’s Point.
The new project, known as The Yards, would be located a stone’s throw for the firm’s other project, The Quin. That project, a five-story, 70-unit apartment building, is slated for completion this summer. If all goes well, The Yards will be under construction by that time.
Linden Street partner Scott Richardson says the firm was pitched on the W. Oregon St. site through a broker shortly after the first project was announced by landowners General Capital Group and Peter Moede. General Capital and Moede, who will be equity investors in the project, have a partnership to develop the Reed Street Yards water technology business park immediately to the west of the site.
Richardson notes the building’s name, The Yards, is a double entendre. It’s both a reference to the building’s location, on the eastern edge of the Reed Street Yards, and to the proposed amenities, which include a dog walk, second-story rooftop deck and balconies on every unit.
The fact that the two sites are divided by an active freight rail line doesn’t deter Linden Street. “We don’t see freight trains as a negative at all. It lends to the urban feel of the project,” says Richardson. He adds that modern wall and window systems are substantially better than those of even a decade ago and very little additional work is required to block out the sound of a passing train.
The average rent in the building is expected to be $1,500. Fifty-percent of the units will be one-bedroom apartments, with remaining units split between two-bedroom apartments and large studio apartments.
The project is being designed by Rinka Chung Architecture. The prolific, local firm also designed The Quin for Linden Street. A general contractor for The Yards has yet to be selected.
An approximately 1,900 square-foot commercial space is planned for the building’s first floor at the southwest corner of S. 2nd St. and W. Oregon St. Another first-floor space is already planned as a fitness center for tenants.
The proposed building will require design approval from the City Plan Commission from the city.
The Yards apartment building will be a shot in the arm for the Reed Street Yards development. While the $13.3 million tax-incremental financing district is on schedule to be paid back by 2024, much of the land along the newly-constructed Freshwater Way remains vacant. Zurn, a division of Rexnord, opened their headquarters on the west end of the street in 2017. Financial services technology firm Fiserv is considering moving its Brookfield-based headquarters to the business park.
Walker’s Point Boomtown
The Walker’s Point neighborhood remains a boomtown for development. Developer Brandon Rule broke ground on his SEVEN04 Place apartment building last week, Linden Street is building The Quin, David Winograd is converting The Grainery building at The Tannery into apartments and Wangard Partners is planning a second apartment building for Freshwater Plaza.
New apartments aren’t the only thing coming to the area. Toast, a breakfast-focused restaurant, will open March 5th across the street from the proposed site for The Yards, coffee shop Full of Beans Cafe opened in December 2017 at 184 S. 2nd St. and Sprecher Brewing Co. opened a taproom in the former Brenner Brewing facility earlier this month.
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