Minneapolis based real estate developer, Sherman Associates, breaks ground today on Shorewood Senior Residences- a 101 unit luxury senior apartment development along the Milwaukee River in Shorewood, WI north of Milwaukee. The $26 million project is expected to be complete in 2018.
When construction is complete, Shorewood Senior Residences will be a four-story building with underground parking, and a luxury amenity package. According to Ross Stiteley, Senior Developer at Sherman Associates, “Demand for independent senior housing in the North Shore communities of Milwaukee continues to outpace supply. We believe the building will be fully occupied by late 2018 as we have seen strong interest from people living in Shorewood, Whitefish Bay and other North Shore communities.”
A focus on design will provide high-end finishes and unique amenities, including a clubroom with adjacent library and business center, fireside lounge, theater, spa and outdoor pool, and a Great Room with a community kitchen.
In addition to luxury finishes, the surrounding property will include a walking path, providing connection to the 114-mile Oak Leaf Trail and Milwaukee River Greenway. Residents will be able to enjoy the scenery as well as the proximity to Hubbard Park to the South and Estabrook Park to the North.
Madison-based Stevens Construction will serve as the General Contractor. Architecture and design is managed by Kaas Wilson Architects. The project is being financed through a combination of private equity, commercial loans as well as some additional financing from the Village. The Village’s financing will help create more housing for Shorewood’s older residents and will generate additional property tax revenue for the community and its school district.
