Sheboygan ‘Gateway’ luxury apartment complex advances

Conceptual drawing provided by LCM Funds, LLC Conceptual drawing provided by LCM Funds, LLC The City of Sheboygan and Eighth-New Jersey LLC have reached an agreement on TIF incentives totaling $1,775,000 for the development of a $15 million luxury apartment complex on South 8th Street and Virginia/ New Jersey Avenues. Smet Construction, in partnership with LCM Funds will construct the building that would contain approximately 91 market rate apartment units with amenities and underground parking.

The project will include approximately 100 garage parking stalls and up to 35 exterior surface parking spaces. The building will possess a massing that addresses the length of the site by breaking down the 8th Street elevation into cohesive but visually distinct building areas including a landscaped entry area for both pedestrians and vehicles central to the building and lobby/common area space.

“The building is designed to make use of the existing site topography and provide an attractive, densely developed aesthetically pleasing to the central business district and enhance the use of an undeveloped parcel in a key revitalization area for the City,” explained Scott Revolinski, of LCM Funds, LLC.

Amenities will include an exercise center, meeting space, community/ entertainment space, central trash collection, bicycle storage and full-time management office. A rooftop-deck with penthouse entry will be present atop the structure.

“The 2014 Harbor Centre Master Plan identified this area as the 8th Street Gateway. Enlivening this space with the proposed street side housing development will provide a key connector between the downtown and the waterfront,” states Chad Pelishek, director of planning and development.

The project will be owned by a joint-venture group to include the principals of SMET Construction Services of Green Bay, and LCM Funds of Milwaukee. SMET is a generations old construction firm with experiences in multi-family construction. LCM Funds invests in and develops real estate across product types, including a heavy concentration in urban pedestrian Class A multi-family properties. Eighth-New Jersey, LLC plans to finance approximately $11 million of the project, and provide developer cash equity of $2,325,000. Under the terms of the agreement, the City will sell the property to the developer for $10.00.

Construction on the project is scheduled to begin in June with initial, occupancy completion anticipated for Spring 2017 and final completion by September 2017.

Readers Comments

Nice to see Sheboygan
Submitted by (not verified) on Thu, 2016-01-21 13:03.
Nice to see Sheboygan growing!
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