The expansive Loomis Crossing redevelopment in Greenfield is ready to welcome its first apartment residents later this year, and tenant buildouts are underway for its medical office building.
That project represents another collaboration between the city of Greenfield and Milwaukee developer Cobalt Partners. Scott Yauck, CEO of Milwaukee-based Cobalt, acquired more than 25 properties along Loomis Road on both sides of Interstate 894. See the attached gallery for a tour through the ongoing construction work.
The southern area of the project — along Layton Avenue — has apartments that are a partnership between Cobalt and Joseph Property Development of Milwaukee. Cobalt separately partnered with Milwaukee-based Hammes Partners for a 40,000-square-foot office building.
Eye Physician Associates SC and Retina & Vitreous Consultants of Wisconsin are the first two tenants announced for the medical office building. That building is set to open in January.
“The mix of uses is a sustainable model,” Yauck said of combining the offices and apartments.
Milwaukee architecture firm Rinka designed Loomis Crossing’s office building and its apartment buildings.
The first of three planned apartment buildings is scheduled for completion later this year, said Robert Joseph, of Joseph Property Development. That first building has 84 apartments. Rents range from $1,565 to $2,495 a month. Its one- and two-bedroom apartments range from about 670 to 1,200 square feet.
The effort to rent the apartments is just starting, Joseph said, but the larger units are expected to go to empty-nesters or local professionals. Joseph said he’s seeing a lot of empty nesters who are selling their long-time homes due to the high prices on the market right now and opting to rent instead.
“Of course, we have younger, working people who want the one-bedrooms,” Joseph said.
The project includes three apartment buildings, with a total of 268 units, Joseph said. The second planned building would have 69 apartments. The goal, he said, is to transition to start work on the second right after the first. The site preparation has already been done for the second and third buildings.
“There’s three buildings plus the clubhouse, and our goal is to move through all three of them,” Joseph said. “We got the financing done on the first building before some of the interest rate increases that we’ve seen. Thankfully, we’ve got strong relationships with very good lenders, and we plan on working right through.”
Cobalt still owns about 25 acres on the opposite side of I-894 from the apartments. That property is being marketed for a business park with flex industrial and office buildings.
“It’s a great site for the right user,” Yauck said. “It’s rare to get a 25-acre site near the interstate in an area where you have a labor pool.”