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National coffee franchise to move into 1505 Apartments PDF Print E-mail
Community
Written by JOE POIRIER   
Wednesday, 23 August 2017 16:27

Plan Commission aproves building plans for second phase of project

    Two potential tenants for the retail space in the 1505 Apartments building were alluded to Tuesday as the Village of Grafton Plan Commission approved design plans for the second phase of the apartment complex on the corner of Beech Street and Wisconsin Avenue.
    Commission members reviewed an amendment to the zoning ordinance that would allow a dry cleaner to operate with drop off and pick up services in the central business district.
    “We still don’t have the ability to disclose who they (retail tenants) are. You can probably surmise who one of them is from the code amendment this evening,” Steve Bersell, general counsel for Fiduciary Real Estate, said.
    He also said the company has letters of intent for all 10,000 square feet of retail space in the first phase of the complex, and is in negotiations with three potential tenants, including a national franchise.
    “We have a coffee shop that everybody will know the name of,” Bersell said. “It’s a very good user around the metro area and they are targeting a date in mid-October.”
    Fiduciary is also working with a restaurant and café that will operate near the Lumberyard Plaza.
    Bersell said he expects to announce who the tenants are in several weeks.
    He also noted the residential leasing for the first building is going faster than expected, with 53 of the 77 apartments leased or rented
    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.
    Bersell said construction will begin in November and he expects the project to be completed by August 2018.
    “It’s about a 10-month building cycle, so it all depends when we get into the ground,” he said, noting residents could move in by September 2018.

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