Luxury apartments proposal moves forward in Brookfield
Project could be valued at $24 million

By Katherine Michalets - Special to The Freeman

Dec. 10, 2014

  Plans for the Reserve at Brookfield inside Bishop’s Woods in Brookfield include a resort-style pool, 194 luxury apartment units and controlled access gates.
Submitted rendering

BROOKFIELD - The Brookfield Plan Commission liked what it saw in the renderings and plans for 194 luxury apartments proposed for the Bishop’s Woods development off Bluemound Road and is recommending that the Common Council approves the comprehensive plan amendment and rezoning during its next meeting.

According to a memo from Michael J. Campbell of Campbell Capital Group included in the meeting packet, there is a demand for luxury apartments in Brookfield.

“The luxury apartment market today consists of an affluent renter who chooses to rent versus own and is looking for upscale communities such as Brookfield, which offer close proximity to jobs, upscale retail and restaurants. Furthermore, the empty-nester that has chosen to downsize their lifestyle may also see the Reserve at Brookfield a chance to remain a part of the community,” reads the memo.

The four-story apartment building would be wrapped around a concrete parking garage, which is a good option for the property that offers topographical challenges, such as a 40-foot drop, according to the memo.

Proposed for inside the Bishop’s Woods office park off Bluemound Road in Brookfield, the four-story Reserve at Brookfield would contain 194 luxury apartments and indoor parking. 
Submitted rendering

Campbell also wrote that the Reserve at Brookfield would contribute more to the tax base than an office building would if constructed at the empty site.

An approximate 60,000-square-foot office building would be valued at around $1.8 million and contribute about $134,000 in tax revenue per year, according to the memo, while the luxury apartment building containing 194 units valued at an average of $125,000 per unit would be worth around $24,250,000 and generate about $460,750 in tax revenue each year.

Campbell also said because this type of development does not generally attract renters with kids, there would be little impact on the school system.

Other features of the development would be controlled-access gates, a two-story clubhouse and leasing office, resort-style pool, private courtyards and state-of-the-art fitness center. Site design would also include improvements to Chancellery Park to enhance the experience of winding through Bishop’s Woods’ office park.

Also at the meeting, a public hearing was recommended for a Neumann Companies’ proposed 46-lot single-family subdivision at 15425 Lisbon Road.

In other Brookfield development news, the Common Council approved the creation of the $2.49 million tax incremental district No. 4, which would would support the construction of approximately 320,000 square feet of industrial building on land at about 21200 Gumina Road, which formerly was located in the Town of Brookfield.

www.campbellcapitalgroupllc.com

www.neumanncompanies.com