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Phase two for 1505 Apartments to start in fall PDF Print E-mail
Written by JOE POIRIER   
Wednesday, 16 August 2017 16:57

Village Architectural Review Board approves building design plans

 The second phase for the 1505 Apartments at the former Lumberyard is getting closer to beginning construction in October after the Architectural Review Board last week approved the development’s design plans.
    The project is under the management of Fiduciary Real Estate, which will construct a second apartment complex to complement the first residential building located on the corner of Beech Street and Wisconsin Avenue.
    The current building has 77 apartments and five retail spaces.
    “It’s all being built to be one development,” Steve Bersell, general council for Fiduciary, said. “Both buildings have the same architectural style.”
    The second phase will be a 54,600-square-foot building that will be three stories tall with 47 apartment units and underground parking. There will be five studios, 21 one-bedroom units, two one-bedroom apartments with a den, and 19 two-bedroom units.
    Before Fiduciary can begin construction on the second phase, it will need to have its site plans approved by the Plan Commission Tuesday, Aug. 22.
    The second phase does not require Village Board approval because the building does not have any significant changes from the original plans.
    “The plans are very consistent in keeping with the concept that was developed awhile ago,” said Jessica Wolff, director of planning and development for the village.
    If the plans are approved, Fiduciary will start construction at the end of October and it expects to complete the second phase by mid-August 2018.
    “It’s about a 10-month building cycle so it all depends when we get into the ground,” Bersell said.
    If the construction timeline goes according to plan, Bersell said residents can begin moving in by September 2018.
    He also said residents in the forthcoming building will have access to the amenities in the first building, which include a fitness room, yoga studio, club room and an outdoor deck.
    The original building also has 10,000 square feet of retail space on the first floor. Although none of that space has a commercial tenant yet, Bersell said there are three businesses and one national franchise currently negotiating leases and two more are drafting letters of intent.
    “It’s a range of local retailers and a national franchise. It’s kind of all the services that you would expect in a neighborhood area,” Bersell said, noting there should at least be one commercial tenant occupying the space by October.
    He also said he is working with a restaurant and café that will operate near the Lumberyard Plaza.
    The original development started with Shaffer Development but is now under the direction of Fiduciary Real Estate. Bersell said Fiduciary is managing and leasing the original building and it will be acting as the general contractor for the second phase building.
    “There may be a phase three down the road but the intent is to build this all as one development,” Bersell said.

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