Oak Creek apartment plan and a neighboring commercial project make up another big development near Ikea
A large Oak Creek apartment development, and a neighboring commercial project, are proceeding — collectively making up another major project near the new Ikea store.
The 300-unit Hub13 apartment community will be developed on 33.6 acres at 7581 S. 13th St. That site is just east of I-94, and about two blocks north of West Drexel Avenue.
Mt. Prospect, Illinois-based Wingspan Development Group LLC plans to begin construction this spring on Hub13. The $57 million development's site plan was approved Tuesday night by the Oak Creek Plan Commission.
Wingspan plans to build six three-story buildings, each with 40 units, as well as three two-story buildings, each with 20 units. The monthly rents will range from $1,050 to $2,500, with the units ranging from studios to three-bedroom apartments.
The development also will feature a clubhouse with a leasing office and in-ground swimming pool near the entrance on South 13th Street.
Hub13 will take about 20 months to complete, said Jason Macklin, Wingspan's director of development.
Wingspan chose the site in part because it's in a community with a good quality of life and decent job growth, Macklin said.
Hub13 will be close to Drexel Town Square, a newer mixed-use development that includes several new stores and restaurants at Drexel and Howell avenues, and Ikea, which opened in 2018 just west of I-94 and north of Drexel Avenue.
Also, two hotels are to be developed just south of Ikea: a 121-room Homewood Suites by Hilton and a Tru by Hilton, with 90 to 100 rooms. Construction on the Homewood Suites is to begin this spring, with completion by summer 2021.
"All of these projects are amenities for our future residents," Macklin said.
Meanwhile, Hub13 will be just north of Highgate, a commercial development that is to have seven buildings totaling around 146,600 square feet.
Highgate will be anchored by a neighborhood hospital operated by Froedtert & Medical College of Wisconsin.
Other planned uses include stores, a restaurant and a Summit Credit Union branch. The $35 million development will be on 27 acres at 7781 S. 13th St.
Brookfield-based development firm Somerstone LLC has started grading that site, with parcels to be ready for construction by summer, said Andrew Vickers, Oak Creek city administrator.
Macklin said Wingspan has been communicating with Somerstone about coordinating pedestrian and car access between the two projects.
"We believe Highgate will be an amenity for our residents and vice versa," Macklin said.
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Jade at North Hyde Park includes a five-story, 192-unit apartment building and on-site garage as well as a restaurant or retail store.
By: D'Ann Lawrence White
TAMPA, FL — Commercial real estate company Marcus & Millichap announced the sale of the 1.85-acre North Hyde Park Development Site for $3 million.
The North Hyde Park Development Site is located at 608 N. Willow Ave. The property was purchased by Wingspan Development Group, which plans on creating Jade at North Hyde Park, a five-story, 192-unit apartment building with an accompanying on-site garage with 297 parking spaces. Jade is also slated to include a 3,100-square-foot storefront for a restaurant or retailer and an 895-square-foot outdoor patio.
Jade will also feature resort-quality amenities and high-end finishes including a 24-hour fitness center, swimming pool with poolside club and outdoor kitchens, gathering lounge, cyber cafe, conference room, bike storage and repair, resident storage lockers, electric car-charging stations, in-unit washer/dryer, quartz countertops, energy-efficient stainless steel appliances, tiled back splash, programmable thermostats and private patios or balconies.
Construction is anticipated to begin the first quarter of 2020.
"The Tampa urban core continues to be a development hotbed as demand outpaces supply by a wide margin leading to formidable rents," said Casey Babb, an investment specialist in Marcus & Millichap's Tampa office. "Recent sales activity in downtown Tampa of more than $300,000 per unit for mid-rise and upwards of $440,000 per unit for high-rise further bolsters the appetite for developers in spite of all-time high construction costs."
Chris Coleman, VP of Development at Wingspan, periodically shares his thoughts and observations on property development news.