By: Jackson Chen - Multi-Housing News
Wingspan Development Group and Batson-Cook Development Co. have started construction on its 300-unit community south of downtown Milwaukee.
The joint venture expects to deliver the first units of its community, Hub13, by the end of 2021 and to complete the project in fall 2022.
The garden-style community will have its units spread across nine two- and three-story buildings that offer studio, one-, two- and three-bedroom floorplans ranging in size from 582 to 1,380 square feet. Hub13’s amenities will include a fitness center, yoga studio, clubhouse, pool, dog park and coworking offices. Residents will also be able to access their units and the amenities through their mobile phones with the community’s technology and safety system.
Located on a 34-acre site at 7581 S. 13th St., Hub13 is a mile away from downtown Oak Creek and its retail and restaurants and approximately 9 miles away from downtown Milwaukee. The community also borders a 11.2-acre nature preserve with wetlands.
The community was designed by JLA Architects and is being built by Nicholas & Associates. Ayres Associates also serves as the project’s civil engineer while First Merchants Bank provided financing for the community. Wingspan previously worked with another joint venture partner to develop a 284-unit community in Plainfield, Ill.
Jason Macklin, director of development at Wingspan, said in prepared remarks that the southeast Wisconsin submarket that Hub13 is located in has experienced extraordinary job growth over the past few years.
According to a 2020 year end Colliers report, the greater Milwaukee multifamily market displayed strong resilience throughout the COVID-19 pandemic and is expected to see further expansion due to its strong market fundamentals.
The report showed that the Milwaukee market saw asking rents grow to $1,161 in the fourth quarter of 2020, a nearly 18.3 percent year-over-year increase. The market’s occupancy rate also saw a slight increase to 94.8 percent, while unit inventory is continuing to grow, hitting 85,739 units in the fourth quarter of 2020.
Chris Coleman, VP of Development at Wingspan, periodically shares his thoughts and observations on property development news.