Milwaukee-based
Mandel Group announced Tuesday that it has closed on its financing package for the 270-unit Norden Range apartment development in Oconomowoc, with construction commencing immediately.
The 27-acre development will be built on a portion of the former Olympia Resort south of downtown Oconomowoc, along Highway 67.
Norden Range will include a combination of one-, two- and three-bedroom market-rate units, all entered via a private outdoor entrance.
"It's as close to single-family living as you can achieve in a rental design," said Bob Monnat, senior partner with Mandel Group, in a press release.
On-site amenities will include a clubhouse, a fitness center with an outdoor fitness deck, a 25-yard outdoor swimming pool, a car wash center, a bike repair shop and two dog runs, according to the release. The plan is to preserve large natural areas on the property as well.
"Our objective is to position Norden Range as a best-in-class residential community for households interested in an alternative to single-family ownership," Monnat said. "Our future residents will be able to live comfortably in spacious floorplans completed with the highest quality finishes available in the market."
Mandel Group's market research found a growing percentage of households withholding from buying a single-family residence due to lack of affordability, the release says.
The development will be completed in four phases, with the first units becoming available in late 2024, the release says. The entire development will be completed by the end of 2025.
The project is part of a larger development plan undertaken by Pewaukee-based
Neumann Developments, which is planning to build 352 condos, townhomes and single-family homes on a site adjacent to the Norden Range development.
An affiliate of Mandel Group purchased the project site from an affiliate of Neumann for $5 million, according to state records.
The former Olympia Ski Hill will be converted into a year-round recreational facility for sporting and family-oriented activities, the release says.
The site for Neumann's project, called Olde Highlander, is located just west of a separate development called Olympia Fields by
Wangard Partners. That project, which has already begun construction, includes apartments, retail, medical offices and a hotel.
