Phelan suspends plans for Wauwatosa apartment – The Business Journal of Milwaukee (blog) – News Journal Blogs

 The planned housing antiquity included first-floor retail space.


The planned housing antiquity included first-floor retail space.

After a prolonged word with Wauwatosa officials over possibleness municipality finance for an housing building, developer Sean Phelan weekday said he is suspending the project.

Also this week, Wheaton mendicant Medical Group plans a newborn clinic in Cudahy.

The utilization was planned for a city-owned concept nearby Wauwatosa’s community area, and included 36 apartments in a four-story building, nonnegative retail space. Phelan, in partnership with Milwaukee-based WiRED Properties, responded to a municipality letter for utilization proposals for the place terminal fall. Out of threesome developers, municipality officials chose to handle solely with Phelan and WiRED Properties, which had options to acquire a neighboring concept for the development.

The developers and Wauwatosa officials hit negotiated over possibleness set incremental finance hold to modify a notch in the send budget. There was a $1 meg notch in the send budget, said Wauwatosa capital individual Tammy Szudy. The developers in Oct estimated the amount send continuance is $7.5 million.

“The council didn’t hit such of an craving for financing, specifically TIF financing,” Szudy said.

Phelan on weekday salutation told the Wauwatosa Community Development Authority that he is suspending the project, Szudy said.

Phelan was not acquirable for comment.

The another digit utilization proposals for the Wauwatosa concept included requests for municipality support. Wangard Partners Inc., which planned 65 apartments, desired $1.6 meg in TIF support. Metropolitan Development, Brookfield, desired $500,000 in municipality money to clear for parking in its project.

The incoming steps are not completely worked out. The Common Council’s Community Development Committee module foregather after this period to handle the city’s forthcoming move to finance requests, Szudy said. It is unexplained whether the developers module endeavor to restore the project, she said.

Sean Ryan reports on actual estate, cerebration and open installation in south Wisconsin


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Phelan suspends plans for Wauwatosa housing – The Business Journal of metropolis (blog)

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