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Apartment complex continues to move forward

Fiduciary Real Estate sees demand in Falls

Dec. 22, 2013

Menomonee Falls — Though Kohl's Corp. will no longer have a corporate campus next door, the Woodlands, a 100-plus unit apartment complex will move forward as planned.

Village trustees fired off a series of questions last week at the Menomonee Falls Village Board meeting though much of the development has already gained approval. Various governing bodies have approved the site plan and building facade. Up for a vote were modifications to six sections of the planned development district ordinance. The item passed in a 3-2 vote with members Jeremy Walz and Dennis Farrell opposed.

Kohl's Corp. backed out of constructing a brand new corporate campus in the village's Woodland Prime office park and instead is expanding current headquarters in the Silver Spring Corporate Park. Fiduciary Real Estate plans to purchase the Woodlands for the development of a 153-unit, five building apartment complex on the northwest corner of Appleton Avenue and Good Hope Road. There are nine units already built in the area that will become a part of the new complex.

The complex will be constructed in phases depending on market demand. Farrell asked if the apartments will still attract tenants now that Kohl's is no longer building nearby.

Craig Raddatz with Fiduciary Real Estate, said Menomonee Falls is in need of high-end units regardless of whether Kohl's builds a new campus in Woodland Prime or expands its current campus.

"I feel extremely good that Kohl's is still here in the community and growing whether it's in Silver Spring or right next to us it makes no difference," he said.

Based on in-depth studies of the Menomonee Falls market, Fiduciary Real Estate is anticipating that the entire complex will be built up and ultimately filled in the next 18 months. The average rent will be $1,300 per month.

Walz took issue with the number of parking stalls planned to serve the complex. The Plan Commission has granted a parking exemption for the development that lowers the required number of stalls for a development that size. That's the main reason he voted against the amendment to the planned development district.

There are 266 parking stalls planned for the site — 162 of those in an enclosed space, and 104 surface spots. Municipal code called for 344 stalls. That's 1.73 spaces per unit, which Raddatz said is the highest ratio out of all of Fiduciary's apartment complexes.

The development calls for one- and two-bedroom apartments, a fitness center, clubroom with a kitchenette, and additional storage facilities onsite.

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