Milwaukee-based Three Leaf Partners is proposing a 220-unit apartment development at the corner of Highway P and Highway K in northeast Oconomowoc, adjacent to a large subdivision that’s underway.
The development would include 11 buildings with 20 units each, as well as a clubhouse, pool and a dog run, according to plans it submitted to the city. Units would range from one to three bedrooms.
It would be on a site now owned by Prairie Creek Ridge LLC, in partnership with Mike Kaerek of Kaerek Homes and Mike Bickler of Stonewood Companies, according to Three Leaf’s proposal. The site is adjacent to the Prairie Creek Ridge subdivision and just north of St. Matthew’s Evangelical Lutheran Church and School.
It’s currently zoned for general commercial use and would require a rezoning to multi-unit residential.
A market analysis by Three Leaf found the area has enough commercial infrastructure to satisfy that commercial demand, but the area needs more apartments to “meet the pressing need for housing.”
Oconomowoc has been a hot area for development in recent years. Between 2010 and 2021, Oconomowoc saw a 15% increase in its population, according to U.S. Census data, and added more than 2,000 housing units in the same time frame. Today, there are several hundred units of new housing in the development pipeline.
