Lumberyard launches phase 2
Second phase similar to first, but will have fewer amenities

By Melanie Boyung - News Graphic Staff

August 10, 2017

The second phase of Lumberyard 1505 will add 47 units to the development on the corner of Beech Street and Wisconsin Avenue in Grafton.
Artist's rendering

GRAFTON — Developers are preparing to kick off the second phase of the Lumberyard 1505 development in downtown Grafton.

The development was planned in three phases, the first of which is the building now standing off the corner of Beech Street and Wisconsin Avenue. That building includes 77 apartments, from studio to three-bedroom, and five retail spaces.

The second phase will go before the village of Grafton Architectural Review Board today. A single 54,000square-foot building, it will add 47 apartments to the development, with five studios, 21 one-bedroom units, two one-bedroom apartments with den and 19 two-bedroom units.

The development began with Shaffer Development, but is now under the lead of Fiduciary Real Estate. According to Steve Bursell of Fiduciary, the apartments will be of the same scale as those in the first building, though perhaps with slightly lower rent.

“There won’t be as many amenities right there, in that building,” Bursell said.

The development is being built as a single complex, sharing resources. Renters in the second building will have access to the community spaces and fitness room in the phase-one building, but not their own, according to Bursell.

He said the second building is designed in a similar style to the first, so as to blend in cohesively across the development. If the Architectural Review Board approves the plan, as Village Planner Jessica Wolff’s staff report recommends, the site plan will move forward for Plan Commission approval Tuesday, Aug. 22.

“Assuming we get all our approvals. … We should be in the ground sometime in October,” Bursell said.

He said Fiduciary, already managing and leasing the first phase building, will also be overseeing construction on the second Lumberyard 1505 building. He said while finishing for August 2018 would be ideal for leasing times, the realistic goal is September 2018. “It’s probably about a 10-month build,” he said.

Bursell said the the first apartment building, which opened this summer, is already leased at about 66-percent capacity, and is expected to be 95-percent full by the third week of September, several months ahead of schedule. While none of the commercial spaces on the first floor of that building have named tenants yet, he said there are three businesses, one a national franchise, currently negotiating leases and two more working on letters of intent. Those in negotiation should be revealed in the next month or so; if all five come through, the commercial space will be full.

According to Wolff’s staff report, the architectural submission to be reviewed today is in line with village standards and the original plans for the Lumberyard 1505 development. The only conditions listed on the report are that HVAC vents on the second building match those on the first and that HVAC equipment be screened.

Wolff said that the second phase, because there are no significant changes from the original plans, needs approval only from the Architectural Review Board and Plan Commission; it does not require Village Board consideration.