Developer Asks for More Time to Finance, Build Apartments

The Plan Commission tonight will consider a developer's request for more time to finance and build phase two of the apartment complex, including payment to the city for a sanitary sewer line. 

Wimmer Communities of Hales Corners is asking for a 30-month extension to build the planned single 56-unit building due to the economy and lending obstacles.

The building is planned on a 3-acre site adjacent to the completed first phase of Georgetown Square, which includes 144 townhouse units on 22 acres. It is located at Wisconsin Avenue and Ruf Road, north of the former Linens 'N Things and Sport Authority stores.

According to the staff report, the extra time is needed "due to the inability for the developer to secure financing from traditional sources without heavy equity payment or other consequences."

Wimmer Communities, which bought the development from the Mandel Group Inc. in 2007, also wants time to pay its $174,412 bill to the city for upgraded sanitary sewer work. Staff has recommended Wimmer pay compound interest on the sewer charge to compensate for the city's loss of interest earnings.

Another change requested is the design. The original plan for phase two was two buildings with "urban-style lofts." 

But Wimmer said two banks involved in potential lending objected to the loft design, saying it was too risky in Brookfield and had proved difficult to sell in other communities.

The lenders want the new building to look like those built in phase one - more traditional townhouses. The new plan for phase two calls for constructing a single building with smaller one- and two-bedroom apartments, ranging from 762 to 1,259 square feet.

Monthly rents will range from $1,067 to $1,674. 

The building would be a maximum of 49 feet tall and 90,800 square feet.

In past meetings, plan commissioners have expressed frustration that lenders are controlling the city's building designs and questioned whether the developer could hold out for the original design.

The commission meets at 6:30 p.m. at 2000 N. Calhoun Road. The meeting is open to the public.