Fiduciary Real Estate Development has purchased 7.5 acres of land in Greenfield and will begin construction later this month on the first phase of the residential component of the 84South mixed-use development.
Fiduciary purchased the property from 84South master developer, Cobalt Partners, for $3.2 million.
The 268-unit apartment development, to be called, Forte at 84South, will consist of four, three-story buildings that include underground parking, an outdoor pool and kitchen, and fitness facilities located at the west end of the 84South development.
The first units are expected to be complete in spring 2018.
The 40-acre development is being constructed south of I-894 and west of South 84th Street. The development also includes a new Steinhafels store, Fresh Thyme Farmer’s Market, Kohl’s and several other retailers and restaurants.
The project was going to originally have 360 apartments, but developers scaled back the residential portion of the plan in February. The $115 million project is receiving $29.7 million in city tax incremental financing.
“This transaction implements one of the final pieces of our overall vision for a suburban, transit-oriented, mixed-use development offering a true live-work-play environment,” said Scott Yauck, president and CEO of Milwaukee-based Cobalt Partners. “We are excited to again partner with Fiduciary on this development as we did at our White Stone Station development in Menomonee Falls.”
