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Consideration for approval of a term sheet for tax incremental financing with the Irgens Corporation for a multi-family development within the Research Park
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Submitted by:
Mark Hammond and John Ruggini
Department:
Development and Finance
A. Issue
Irgens, through its affiliate Research Apartment Development Partners, LLC, has submitted an application requesting Tax Incremental Financing (TIF) to support the development of a 204-unit market-rate apartment complex at the northeast corner of Wisconsin Avenue and N. Mayfair Road within the Milwaukee County Research Park within the newly created Tax Increment District 16.
B. Background/Options
Project Overview
The proposed development consists of a four-story multi-family apartment complex featuring 204 market-rate units with approximately 205,600 gross square feet and 167,099 net leasable square feet. The project site encompasses 3.667 acres and will include a mix of studio, 1-bedroom, 2-bedroom, and 3-bedroom units designed to meet current market demands.
The development will provide 270 parking stalls, including 195 below-grade structured parking stalls for resident use and 75 surface parking stalls for residents and visitors. Amenities will include a fitness center, outdoor courtyard space, club room, pet wash and exercise area, and electric car charging stations.
Construction is anticipated to begin in the second quarter of 2026 with completion expected by December 2027. The total project cost is estimated at $59,800,000.
Extraordinary Project Costs
The developer has identified unique and extraordinary costs associated with developing within the Milwaukee County Research Park that create a financing gap. These extraordinary costs include structured and surface parking requirements, sanitary sewer extension, electrical car charging infrastructure, soil stabilization, affordable housing fund contributions, and union premium costs mandated by MCRP requirements. The developer is requesting gap fina...
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