Seeing an area with rapid job growth — but not enough new housing — a national development firm is proposing a development with more than 700 apartments in Pleasant Prairie.
Chicago-based
Bond Cos. is proposing the project for a 66-acre parcel at 11423 110th St., which is located just east of the Pleasant Prairie Premium Outlets along I-94.
The plan is to build 702 garden-style apartments over two phases, with units ranging from studios to three-bedrooms. Amenities would include a pool, pickleball courts, a putting green and walking paths, plans show.
The average monthly rent at the complex, known as Inspire Prairie Springs, would be $1,839 or $2.12 per square foot, which is at the high end of the market in Kenosha County but not the most expensive, according to Bond Cos.
Pleasant Prairie has added more than 11,000 new jobs in the last five years with employers like Haribo of America and Uline, but has only approved about 2,000 new housing units to support them, according to Bond Cos.' proposal.
"What this really tells us is Pleasant Prairie is significantly underhoused," Bond Cos. co-founder and president
Rob Bond told the Village Board Monday. "Our project is really an answer."
The additional housing would help advance the village's goal of maintaining an affordable housing stock for its workers, Bond said.
Bond said the company has been working with village staff for more than a year on the $185 million project, which he described as a pleasant experience, but "the big challenge has been trying to make the economic numbers work."
The developer is requesting village assistance through a tax incremental financing district Pleasant Prairie created earlier this year. Under its proposal, the company would pay upfront infrastructure costs for the project and would be repaid over time through property taxes the development generates, said Pleasant Prairie community development director
Rob Hanson.
The developer is requesting 100% of the tax increment the development generates, which is different than what the village has previously done for residential developments, Hanson said.
The Village Board was not asked to vote on the TIF district, but board members directed staff to continue discussions and negotiations with the developer. The proposal will now go to the Plan Commission, likely in October, with full approval by the end of this year or early next year, according to Hanson.
Bond Cos. has completed more than $4 billion in real estate transactions nationwide, including more than 4,200 apartment units completed, according to its website. The company was founded in 1987 by Rob and his brother Larry, who were raised in the Milwaukee area, Rob said.
