The developer of the proposed North Shore mixed-use high-rise is asking the Village of Bayside for $42.6 million in public financing to help pay for the project.
Last month, Milwaukee-based Cobalt unveiled plans for the $200 million project along Interstate I-43 that would be anchored by a 30-story apartment tower and include 280 luxury apartments.
The project, OneNorth, would be the first high-rise in the affluent North Shore and the first time the Village of Bayside would use tax incremental financing.
The money would be paid back from new property tax revenue generated by OneNorth, which is expected to be $174 million.
The proposed district is approximately 27 acres of commercial property in the northwest quadrant of Brown Deer Road and Port Washington Road. Specific boundaries would be: Brown Deer Road on the south, Port Washington Road on the east, I-43 on the west and White Oak Lane on the north.
In addition to the apartment tower, OneNorth plans call for 10 townhouses and 72,000 square feet of retail with another 50 to 90 units above. There would be 60,000 to 100,000 square feet of office space.
The redevelopment project would include the demolition of several existing office buildings on the site and the instalation of new public infrastructure to accommodate the new buildings.
If approved, the tax incremental financing district would become effective Jan. 1. Total project costs for the village in the first phase are estimated to be $29 million. Phase two, which begins in 2021 are estimated to be $13.6 million.
The village held a standing-room-only information session Sept. 12 about the proposed TID, which was attended by about 80 people.
Cobalt Partners will host an informational meeting at 6 p.m. Sept. 20 prior to the village’s Community Development Authority meeting Sept. 27 where boundaries and a project plan will be discussed.
