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Consideration for approval of a term sheet for tax incremental financing with JJH3 Group for a multi-family development at 7746 Menomonee River Parkway
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Submitted by:
Mark Hammond and John Ruggini
Department:
Development and Finance
A. Issue
JJH3Group LLC (the "Developer") has submitted a Tax Increment Financing application requesting that the City incorporate a proposed 14-unit rental development at 7746 Menomonee River Parkway into the existing Tax Incremental District No. 11 (TID 11) and provide a Pay-As-You-Go (PAYGO) Developer Municipal Revenue Obligation (MRO) of approximately $880,000 for the remaining duration of the TID to support the development. This property is owned by the Wauwatosa Community Development Authority and the Developer has an offer to purchase agreement.
B. Background/Options
Project Overview
The proposed development consists of 14 total rental units at 7746 Menomonee River Parkway. The project includes four three-story townhouses configured as two side-by-side duplexes, each approximately 1,620 square feet with 2-bedroom/2.5-bathroom layouts, roof-level den/office space, large roof patios, and built over a 2-car garage. These townhouse units are projected to rent for approximately $4,800 per month.
The remaining ten units are 1-bedroom/1-bathroom apartments distributed across three floors, with each apartment having an assigned parking space in one of two grade-level garages. The apartment units break down as follows: three 800-square-foot units at approximately $2,000 per month, four 900-square-foot units at approximately $2,250 per month, and three 950-square-foot units at approximately $2,375 per month. All utilities will be provided from existing street mains and separately metered to each unit.
Groundbreaking is planned for Fall 2026 with occupancy expected in October 2027. The Developer estimates total project costs of $6,490,341, to be financed through a combination of $4,680,542 in debt and $1,809,799 in ...
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