West Allis project expands
The developer of a large, upscale apartment community in West Allis plans to begin construction next spring on an additional 100 to 120 units.
Helmut Toldt said the $12 million phase would likely be completed a year or so after construction starts.
The apartments would expand Toldt Development Inc.'s Six Points Neighborhood complex, and would be south of W. National Ave. and west of the West Allis Farmers Market, at S. 66th St.
The one- and two-bedroom units would rent for around $900 to $1,100 a month, Toldt said.
Six Points already has four buildings with 178 units that lease for similar rents.
Toldt said demand for higher-end rental units is strong throughout his Brookfield-based company's properties despite a national unemployment rate that remains above 9%.
He's been in preliminary discussions with prospective lenders and plans to step up that process once a developer's agreement with the City of West Allis is amended to allow a change in plans for Six Points.
That change involves dropping plans for street-level commercial space in one of the future buildings and increasing the number of apartments.
That requested change reflects the strong demand for apartments and the weaker demand for retail space.
If city officials approve the change, the second phase of Six Points eventually would have another 245 units, with an estimated value of $21.4 million, said Kristi Johnson, community development supervisor.
Toldt began building Six Points south of W. Greenfield Ave. and west of S. 65th St. in 2006 and finished the first phase in the fall of 2009.
He delayed starting on the second phase until there was strong enough demand for more apartments.
Six Points offers some of the same amenities found in new downtown Milwaukee apartment developments, such as loft-style units, stainless steel kitchen appliances, a clubhouse and an exercise room.
The development's central location, just a few minutes from I-94 and Highway 45, helps it attract both Marquette University graduate students and Medical College of Wisconsin students, as well as people working in downtown Milwaukee and elsewhere.
The long-range plan calls for developing a third phase of around 200 more units.
The entire community would cover 17 acres, bordered by S. 65th St., the Union Pacific Railroad tracks, W. Greenfield Ave. and W. Mitchell St.
Other new housing in that neighborhood includes Six Points East, a 42-unit condominium building at 6330 W. Greenfield Ave.
The building was largely finished when the demand for urban condos dropped, and its main lender, Equitable Bank, in 2009 foreclosed on the property.
An investment group formed by Michael Dilworth, president of Greenfield-based development firm Ener-Con Cos., later took control of Six Points East, completed the building's construction and last year began selling its units.
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