Developer Credits Streetcar As Factor In Building Tower
32-story tower on Water Street a "prime example" of transit-oriented development.
A new, $140 million apartment tower is all about location.
Targeted for a surface parking lot at 333 N. Water St., the 32-story, 300-unit Historic Third Ward building would be located on Milwaukee’s RiverWalk, kitty-corner from the Milwaukee Public Market and a short walk from thousands of downtown jobs and amenities. The site is also adjacent to three Milwaukee County Transit System bus route stops and the most popular station on The Hop, Milwaukee’s streetcar system.
D’Arcy, who served as a consultant to Northwestern Mutual on both its office tower and apartment tower, said Hines currently has 180 projects under construction across the globe.
“We are not interested in doing a commodity project,” he said. “We are really interested in doing projects that are city changing.”
One of those changes is transitioning away from a city centered on cars.
“You have to get from today to tomorrow,” said D’Arcy of the proposal’s 390 parking spaces. “The streetcar and other examples are what get you to the future.”
The streetcar’s first and second phase, the latter of which is scheduled for completion in 2022, are expected to cost $128 million.
The project, and its lack of public subsidy, has the full support of Bauman. He chairs the Historic Third Ward Architectural Review Board that led the development’s design review.
If the project were ultimately assessed at $100 million, it would net local governments more than $3 million in new property revenue annually. That includes more than $1 million to the City of Milwaukee or almost 25% of The Hop’s annual budget.
The zoning committee unanimously endorsed the zoning change. The full council will review the request on Sept. 21.
About The Building
The plans calls for a 365-foot-tall apartment tower with an attached parking structure. A resident amenity deck, with outdoor pool, would be built atop the garage. The adjoining eighth floor of the tower would be a resident amenity level with fitness center, lounge, game room, party room and co-working space.
It would be the tallest building in the neighborhood and one of the tallest residential buildings in the state.
A 2005 neighborhood plan for the Third Ward identified the site as suited for a “landmark” building. The planning document includes images of taller, glassy buildings.
The parking structure would be leased during the day to the current users of the parking lot. That includes tenants of the adjoining Renaissance on Water building, 309 N. Water St.
A new, public riverwalk connection would run from the corner of N. Water St. and E. St. Paul Ave. down to the existing riverwalk. A bridge would connect the building to the riverwalk, which is not currently attached to land as it passes the property.
Construction on the project could begin next year.
Once finished, residents of 333 N. Water St. will be able to hop aboard The Hop and ride to the base of The Couture, a 312-unit, 44-unit apartment tower under construction at 909 E. Michigan St.
Renderings and Site Plan
At the same zoning committee meeting, two lease agreements to enable the development of The Edison were unanimously recommended for approval. The project, a 15-story, 194-unit apartment building at 1027 N. Edison St., is also transit oriented. It would use a 110-stall, automated parking structure and mass timber frame to minimize its environmental footprint.
For more on the project see our coverage from August 25.