Bay rezones parcels for proposed Mandel apartments
Village Board expected to approve development agreement at next meeting
Whitefish Bay - The Mandel Group's plans for a luxury apartment complex near Silver Spring Drive in Whitefish Bay are one step closer to reality, with a development agreement with the village likely to be in place before the end of the month.
The Village Board on Monday voted to rezone the parcel to be developed - the area bound by Santa Monica Boulevard to the west, Beaumont Avenue to the north, Consaul Place to the east and a public alley to the south, now primarily used as surface parking - to a planned development district, and to vacate portions of the 300 and 400 blocks of Beaumont and an alleyway between the 300 blocks of Beaumont and Silver Spring, following a public hearing.
While the board was poised to approve the development agreement as well, action was delayed until its next meeting to allow for minor details to be finalized.
Mandel Group representative Richard Lincoln explained that the vacation of 21 feet of right of way along Beaumont, functionally part of the village parking lot, and 15 feet of the alley to the west simply aligns the property lines to where they need to be for the development.
"The village's action here is not giving up any right of way that's in use. We're not giving up any land or space that's currently being used for vehicles or for pedestrians," Village Attorney Chris Jaekels said.
Rather, it is moving the setback, Jaekels said. Once the alley is vacated, half goes to each parcel on either side for private use, rather than public right of way.
Rezoning the property from being part of the Silver Spring Drive business district to being a separate planned development district, Jaekels said, allows the village to impose specific standards that will apply only to this particular property and will not take effect until a development agreement is signed.
The development agreement with the Mandel Group will specify the terms for the district, which encompasses the parking lots behind Fitzgerald's and the former Fox Bay parking lot behind the Fox Bay Building, he said.
Jaekels told trustees that village staff has yet to reach an agreement with the developer on the construction start date for the project, as well as details of the development agreement pertaining to the parking unit agreement and tax-incremental financing agreement.
The Village Board and Joint Review Board last month approved the project plan and boundaries for the creation of TIF District No. 2, which will include about $4.6 million in village contributions toward project costs - about $1.9 million for a pay-as-you-go developer payment, the issuance of general obligation debt to fund about $1.6 million in parking improvements in the district, and nearly $1.1 million for land or air rights involved in the transfer of property to the developer, which eventually will be repaid to the village through tax revenues generated by the development.
"We are contributing this general obligation bond, which is funded by the new development, not out of our coffers," Jaekels said. "We are contributing our land, and then we are getting back the condominium unit that provides the same parking that we have now, in the same location, underneath the new development."
Upon completion, the development will include approximately 132 parking spaces. Project plans have been modified slightly to reduce the total number of apartments from 100 to 90, Jaekels noted, in order to fulfill market demands for slightly larger units.
The footprint for the project will not change, with the development to be housed in three buildings constructed above a parking structure.
Jaekels said last month that groundbreaking on the project was targeted for late February to early March. The development has an estimated cost of $28 million, and is expected to be valued at about $14 million when complete.
WHAT:Village Board to consider approval of development agreement with the Mandel Group
WHEN: 7 p.m. Jan. 21
WHERE: Village Hall, 5300 N. Marlborough Drive
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