Can The Everett Rise 12 Stories On Tricky Riverfront Site?
Developers say hefty, 200-unit project can work on steep, flood-prone land.
The Everett. Rendering by VJS Construction Services.
A long-dormant riverfront development site in the Harbor District is once again moving toward construction.
The City Plan Commission on Monday unanimously recommended approval of a detailed planned development zoning designation for The Everett, a proposed 12-story apartment building at 234 S. Water St.
The project, led by Minnesota-based Kaeding Development Group, would bring 200 market-rate apartments and 198 structured parking spaces to a narrow site along the Milwaukee River that has eluded multiple developers over the past two decades. An affiliate of VJS Construction Services owns the property and is a development partner on the project. VJS is also leading the building design.
“It’s been a challenging site for a lot of people,” said developer Carl Kaeding during Monday’s hearing.
The proposal represents a significant revision from the most recent plan for the property. Developer Ryan Bedford, working with VJS, previously secured approvals in 2019 for Admiral’s Wharf, an 11-story, 133-unit apartment building. Despite receiving city approvals and public assistance for environmental cleanup and riverwalk construction, the project never advanced to construction. The zoning approval expired after five years.
Kaeding Development filed for a zoning change in April after emerging as the latest developer to pursue the site.
The new proposal calls for four levels of structured parking topped by eight residential floors. Amenities would include a fifth-floor outdoor deck with a swimming pool and grilling areas. The top floor would include a rooftop lounge with a hot tub and sauna. A mix of tenant amenities, including a coworking space, a yoga studio and fitness center, and a leasing office, would be located on the second floor.
The building would include a mix of studio, one- and two-bedroom floor plans. A single three-bedroom unit is planned.
The building would also include a new public riverwalk segment along the Milwaukee River, with public gathering areas at both ends. Eighteen boat slips are planned for residents. Developers would construct a stub extension of E. Oregon Street to serve as a loading zone and parking access off of S. Water Street.
The 32,600-square-foot property is currently used for boat storage.
Project representatives said the site presents unique development challenges, including a steep grade toward the river and floodplain restrictions that reduce the buildable area. Kaeding said the larger unit count was necessary to make the project financially feasible.
“Street activation was a large topic of conversation with multiple iterations on the site,” said VJS architect Brian Griebl. “We did our best to keep that Water and Pittsburgh corner as activated as possible. There are some difficulties with grade in there.” The corner, a key entry point to the Historic Third Ward, is six feet above the first floor of the building.
The design of the parking structure has been a challenge for multiple design concepts for the site. The Bedford proposal relied on a valet concept to increase the number of spaces. The Everett plans show “tandem” spots where residents would park vehicles front-to-back in a single stall.
The commission hearing drew opposition from two nearby residents, who argued the building’s height was out of scale with surrounding development and could increase traffic congestion.
Residents pointed to the nearby six-story Water Street Lofts condominium building and questioned whether a 12-story structure fit the neighborhood.
“I do have opposition that this building is twice as big as everything else around it,” said Stephanie Ludovic.
Her neighbor, Hannah Cazzola, said the height would cause their building to lose 2.5 hours of sunlight.
City officials pushed back on traffic concerns.
Department of Public Works civil engineer Dawn Schmidt said the project does not generate enough vehicle trips to require a formal traffic impact analysis.
“It may feel like a lot of traffic to folks in the area,” Schmidt said. “However, the fact of the matter is … there’s not actually a lot of traffic on a daily basis on South Water or on West Pittsburgh compared to other streets in the city.” She said already planned traffic-calming projects, including a protected bike lane, would also mitigate concerns about reckless driving and make it easier for pedestrians to cross.
Tanya Fonseca, city planning manager for the Department of City Development, recommended approval. She said the project aligns with city planning that encourages high-density residential development, pedestrian-oriented design and expanded public access to the riverfront.
The commission approved the project with several conditions, including additional staff review of building materials, landscaping, bicycle parking and the location of a loading area.
The Everett would be the latest major investment by Kaeding Development in the area. The company opened the 261-unit Evoni Apartments, 615 E. Corcoran Ave., in the Historic Third Ward in 2025. Last November, Kaeding said leasing was going well at the complex.
The development seeks to end a long history of unrealized plans for the property. In addition to Admiral’s Wharf, proposals have included Robert Schultz‘s Rivianna tower concept in 2009, an apartment proposal from David Winograd in 2015 and a condominium project from Peter Renner in 2017.
Kaeding said construction could begin shortly after the project receives its remaining city approvals. The proposal next heads to the Common Council’s Zoning, Neighborhoods & Development Committee before advancing to the full council for final consideration.
Renderings
Site Photos
Prior Project Renderings
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