Bucks, Jeffers Plan Deer District Apartments

Rendering of proposed Block 5 Deer District building. Rendering provided by J. Jeffers & Co.

A new five-story apartment building is planned for a vacant lot near Fiserv Forum.

The Milwaukee Bucks and J. Jeffers & Co. announced a partnership Monday morning that would see a 210-unit apartment building developed just northeast of the arena.

The building would contain a mix of studio, one and two bedroom units on its upper floors. A rooftop terrace with views of the arena is planned, as is an emphasis on a “live/work/play” experience.

The building would contain 27,000 square feet of commercial space on its first floor. “Information regarding the unique activation of the ground-level commercial space is expected in early 2024,” said the partners in a statement. At a press conference Monday morning, developer Joshua Jeffers said a deal is in place for a tenant to fill the space. “All I can say is that it will very much activate that ground floor space,” said the developer.

Conditioned on zoning approval and securing financing, Jeffers hopes to break ground in 2025.

Rents on the units would start at $1,500 per month. “We project that this will be one of the best class A apartment buildings in downtown,” said Jeffers of the market-rate development.

“There is a need for apartments in Milwaukee, as evidenced by Milwaukee consistently ranking very high for residential allowance rates in multifamily housing for a city of our size,” said the developer.

Bucks President Peter Feigin said the development is “upholding the promise of the Deer District as a 365-day destination.”

The complex would be developed on what the Milwaukee Bucks refer to as “Block 5,” a 2.19-acre lot bounded by W. McKinley Ave., N. Martin Luther King Jr. Dr., W. Juneau Ave. and N. Vel R. Phillips Ave. Dating back to Fiserv Forum‘s construction start in 2016, the team has used much of the former Park East freeway site for parking. The Sydney HiH building, demolished in 2012, long stood on the site.

The new development would effectively fill the entire block. A small portion at the northeast corner cannot have a building constructed on it because of underground utility infrastructure and is proposed to be used for surface parking and as an entryway to the building’s parking structure.

Just outside of the team’s 30-acre Deer District development, Jeffers completed the redevelopment of the former Milwaukee Journal Sentinel complex, now known as Journal Square. In November 2022, the firm opened the signature component, the 141-unit Journal Square apartment building in the six-story Journal building.

“Those units leased up a little bit quicker than we expected,” said Jeffers of a development he said was now full.

Additional components of the development include the 195-bed student housing complex Westown Green, crafted from a 1962 printing press addition. The Sentinel Building was redeveloped into a home for Tenor High School. A separate development team would buy a former parking lot for redevelopment into a Tempo by Hilton Milwaukee hotel. The complex covers a full downtown block southeast of the arena.

The team’s real estate arm previously partnered with Royal Capital Group on the development of the 112-unit Five Fifty Ultra Lofts along N. 6th Street between W. McKinley and W. Juneau avenues. The six-story, market-rate development was completed in 2020 and covers the western side of the arena parking structure.

In May, the team celebrated the completion of The Trade hotel on the block between the parking structure site and the now-targeted Block 5. The 207-room hotel was developed in partnership North Central Group.

On the south side of the arena, the team is working with FPC Live on a concert venue and North Central Group on an additional hotel. Immediately east of the arena sits an entertainment complex owned by the team.

The Bucks have suggested that Block 5 would be developed before. “I think you’re going to see some news in the next couple of months there,” said Michael Belot, senior vice president of Bucks Ventures and development, in January to the Rotary Club of Milwaukee.

A 2015 development agreement with the county calls for the site to eventually be redeveloped with 215 luxury apartments, 100,000 square feet of office space, 16,000 square feet of commercial space and a 240-space parking structure. It is not immediately clear if the Jeffers proposal will fill the entire block.

Block 5, technically five separate parcels, is still owned by Milwaukee County and the Redevelopment Authority of the City of Milwaukee (RACM). But, per the 2015 agreement, it is one of several Park East blocks to be conveyed to the team for $1. RACM’s sole parcel is the site previously occupied by the Sydney HiH building.

The Aloft Hotel, not affiliated with the Bucks, sits immediately east of Block 5.

Jeffers has yet to select an architect or general contractor for the project. The initial designs were generated internally by J. Jeffers & Co. The company was selected for the development site following a request for proposals.

Because of the high interest rate environment, Jeffers told Urban Milwaukee his firm is pursuing a U.S. Department of Housing and Urban Development loan guarantee. The Couture and The Moderne have both utilized the program, which can require a lengthy application process.

The team will contribute the land to a limited liability company as an equity investment in the project.

The Bucks and Jeffers have worked together before. In 2020, the team supported a $1 million grant to the Journal Square project from a tax incremental financing (TIF) district used to develop the arena. Jeffers described the grant as an equity investment by the Bucks in the project. The new project does not request a TIF subsidy.

Feigin said the team continues to explore development options for a site just west of its training center. It is also exploring options for the north half of the block anchored by The Trade. It previously sought an office building for the site, but said the market has moved against that development. “I would say that’s the last big piece we don’t have an answer,” said the team president.

The proposal has the support of Mayor Cavalier Johnson and County Executive David Crowley.

“Milwaukee is a city on the rise… and this development is a testament to that,” said Johnson. He said the building would complement the growing number of corporate headquarters and offices in the neighborhood. “There’s so much growth, there’s so much momentum. We’re building on that right now, right here in this city and in this neighborhood and it’s so exciting. If we’re going to continue to grow, if we’re going to continue to be a city of choice, then we need to make sure we have housing options that will help us to securely have that talent in place to keep them here in our community.”

“Today’s announcement really represents the growing momentum right here in the Deer District, and throughout the city of Milwaukee and Milwaukee County,” said Crowley.

Renderings

Site Photos and Early Conceptual Renderings