The second phase of Lumberyard 1505 will add 47 units to
the development on the corner of Beech Street and
Wisconsin Avenue in Grafton.
GRAFTON — Developers are preparing to kick off the
second phase of the Lumberyard 1505 development in
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.
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
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.
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
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.
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