Public funding for a new downtown apartment complex gained ground during a review by the city's finance committee Tuesday, Sept. 27.
After winning a 5-0 vote from committee members, the plan is expected to be acted on this week by the Waukesha Common Council.
The proposal for tax incremental financing district funds comes from Brookfield-based Sterling Investment Real Estate, the company proposing to build a five-story apartment complex dubbed Clearpoint, in the heart of downtown along Main Street just west of Barstow Street. Waukesha's Plan Commission approved final design plans for the project about two weeks ago.
According to city documents, Sterling is seeking $1.3 million in TIF assistance for the project. That money, the documents said, would be paid out in installments of $1 million when the building is complete, and three $100,000 PAYGO payments in September 2021, 2022 and 2023. The development is valued at about $13 million.
A proposal cover sheet said the project would not require any additional investments in road or utility infrastructure. City staff recommended approval of the funding.
According to planning documents, Clearpoint will be a five-story, 110,000-square-foot complex housing 64 residential units at 220 W. Main St.
Plans call for the building to have 56 one-bedroom units and eight two-bedroom units atop two levels of indoor parking. The parking – 98 covered spaces – will be situated in the lower level and on the first floor, with residences on the second through fifth floors.
If ultimately approved, Clearpoint would be the latest in a recent spate of apartment developments proposed for or constructed in downtown Waukesha. Those apartment complexes have either already been built or are still being planned. The Main Street Apartments, just west of the Clearpoint proposal, started the trend in the late 1990s.