Milwaukee-based Barrett Lo Visionary Development, the development firm for the Emerald Row apartments complex at Drexel Town Square in Oak Creek, has secured all necessary financing to move forward with the second phase of the development and is aiming to break ground in July.
Known as “Parterre,” this next phase of Emerald Row will add 240 luxury apartments just south of the 167 units that were constructed in the initial phase of Emerald Row, located at 7971 S. 6th St.
Rick Barrett, founder and CEO of Barrett Lo, said the firm closed on a construction loan for the second phase of Emerald Row at the end of May, and are now ready to move forward with construction.
“We’ve cleared the runway to get this thing going here as quickly as we can,” he said. “We fully intend to start construction this summer.”
Barrett said he’s specifically targeting July 15 as the date to commence construction work.
Per a development agreement with the city of Oak Creek, the developer was required to start work on the second phase of Emerald Row by Sept. 1. This deadline also came with the condition that by June 1 Barrett submit evidence he had closed on the construction loan.
Andrew Vickers, Oak Creek city administrator, said the developer has indeed provided necessary documentation and has until the beginning of September to commence construction.
Vickers said the $32 million construction loan is through Old National Bank. In addition, Barrett Lo has nearly $10.3 million in equity for the project. The city is also providing a $2.75 million loan and $4.5 million grant toward the project.
A large portion of that money is to be used to construct underground parking, Vickers said. Because of the density in Drexel Town Square, the city is requiring residential developments to include underground parking. This avoids the need for as much surface parking area in the town square, Vickers said.
Drexel Town Square is an 85-acre retail, commercial, residential and civic center that was developed the site of a former Delphi manufacturing plant southwest of Howell and Drexel avenues.
Barrett Lo continues to work on securing financing to start construction of its The Couture project in downtown Milwaukee.
