Latest news with #CobaltPartners
Yahoo
14-04-2025
- Business
- Yahoo
Developers near final approval of $50 million Greenfield apartment complex, The Signature
Developers have secured approval from the City of Greenfield Planning Commission for The Signature, a new multi-family apartment complex in Greenfield, and now await the Common Council to sign off. The new 260-acre development by Cobalt Partners and Joseph Property Development will be located along 92nd Street, just north of Interstate 894. The property was purchased by developers in 2022. It was approved by the Planning Commission on April 8. The Common Council will decide if the project advances during its meeting April 15, according to City Planner Gina Vlach. According to a news release, developers described The Signature as a thoughtfully planned community that creates a 'true sense of place' and offers resort-style amenities. The project will feature 273 market-rate apartments across 18 two-story buildings, consisting of townhome-style units with private entrances and attached garages. Average unit sizes will exceed 1,100 square feet. 'As single-family housing becomes less affordable due to supply-side challenges, rising costs, and higher interest rates, we're seeing a significant increase in demand for townhome-style, private-entrance homes — particularly among young families,' Scott Yauck, president and CEO of Cobalt Partners, said. The total value of the development is estimated to exceed $50 million. Construction will begin once a development agreement is finalized with the city. Plans include 127 one-bedroom units, 110 two-bedroom units and 36 three-bedroom units. Each building will house between 12 and 18 side-by-side apartments. Amenities will include an outdoor pool, a community space, fire pits and grilling stations. Walking trails will connect the development to an adjacent undeveloped property to the west and link to the Powerline Trail. The Signature is just one of many planned developments from Cobalt Partners. Cobalt recently announced the opening of Chipotle at the firm's 84South mixed-use development in Greenfield. Contact Adrienne Davis at amdavis@ Follow her on X at @AdriReportss. This article originally appeared on Milwaukee Journal Sentinel: Greenfield Common Council to vote on The Signature apartment complex
Yahoo
05-03-2025
- Business
- Yahoo
Bayside approves $40M senior apartments at One North with memory care, assisted and independent living
A $40 million, 153-unit apartment community for seniors will join the Village of Bayside's OneNorth development, alongside the Symphony Apartments building that will also soon be home to the North Shore Library. On Feb. 20, Bayside's Village Board approved a site plan from Matter Development to build a five-story, 240,000-square-foot, 133-unit independent living and assisted living wing and a one-story, 20-bed memory care facility, connected by a central common area and courtyard. The apartments raise the 26-acre One North development's total investment to $100 million, Scott Yauck, Cobalt Partners president and chief executive officer, told the Journal Sentinel in November. In 2021, the village approved a tax incremental financing district that will help fund development on the site with $35 million in village financing. Milwaukee-based Cobalt Partners and La Macchia Holdings are developing the OneNorth project. Construction is scheduled to start soon ― this spring ― with the goal of completion by early 2027, according to agenda documents. Votes to approve the site plan were split 4-1-1, with trustees Mike Barth, Bob Rudman, Margaret Zitzer, Kelly Marrazza voting in favor and trustee Liz Levins opposing. Village President Eido Walny abstained, citing "personal work" with members of the Matter family. Walny is the founder and managing partner of Walny Legal Group LLC, where he practices estate planning, asset protection, business succession and trust administration. Trustee Ben Minkin was absent. In his application to the village, Matter's Founder, Aaron Matter, wrote that the Bayside and the greater North Shore area has a growing need for senior housing, as much of the population ages. The proposal submitted by Matter Development shows plans to offer independent living, age-in-place assisted living, and memory care. As a result, residents will be able to receive varying levels of care at the building through packages that offer personal and health services. The plans also include social and dining rooms, a health and fitness center, a rooftop patio, a sunroom, a salon, a golf simulator, a theater and a courtyard. The development will also offer up to three meals per day, housekeeping and activity programming A total of 154 parking spaces are planned ― 112 underground and 42 surface spaces. The development is located north of West Brown Deer Road and west of North Port Washington Road, near Interstate 43. Wauwatosa-based real estate company Matter Development is a developer, owner and operator of senior housing communities throughout southeastern Wisconsin. The company holds around 1,100 units within its portfolio in 15 different locations, Matter told the Architectural Review Committee when pitching the project on Feb. 10. In 2023, Matter opened a similar 68-bed development nearby in Mequon. Like the Mequon facility, the Bayside building will be managed by Koru Health, an affiliate company of Matter's that handles operations at these facilities. That close connection makes Matter Development unique, Matter said. "We don't exit the project after the development is complete. We remain involved with the development throughout the life cycle," he said. The project architect is Galbraith Carnahan Architects, the civil engineer is Pinnacle Engineering, and interiors are designed by O&O Studio. At the Feb. 20 Village Board meeting, Matter said he's received mostly positive feedback about the plan from residents and village staff. Levins, the lone trustee to oppose the development, argued it's too large, gaudy, and divergent from the other buildings in Bayside. Levins also vocally opposed plans for the Symphony Apartments. Levins was especially critical of using some of the $35 million in TIF money to help fund the development, considering how profitable senior living centers are, according to reports from the National Commercial Real Estate Development Association. Asked how much of the TIF would go toward the development, Village Manager Andy Pederson said it's not a simple calculation. The village is using the "pay-as-you-go" financing method, he said, where the developer pays all upfront costs for infrastructure, utilities and construction, and the village will reimburse the developer using future tax revenue received above the base value of the district. Reimbursement for the entire TIF district, including the Matter development, the Symphony and any other development approved, would max out at $19.5 million until 2045, Pederson said. Almost a dozen people echoed Levins' concerns, opposing the development at the Feb. 10 Architectural Review Committee meeting, where the committee eventually recommended plans for the site. The Plan Commission recommended approval of the site plan on Feb. 4. Contact Claudia Levens at clevens@ Follow her on X at @levensc13. This article originally appeared on Milwaukee Journal Sentinel: Bayside approves senior apartment complex for One North development
