Developer F Street starting construction on townhomes at Oak Creek's Lakeshore Commons

Erik S. Hanley, Milwaukee Journal Sentinel
·2 min read
After raising $3.08 million, Milwaukee-based F Street is ready to start construction of 28 Ivy townhomes at Oak Creek’s Lakeshore Commons. Rendering courtesy of RINKA.
After raising $3.08 million, Milwaukee-based F Street is ready to start construction of 28 Ivy townhomes at Oak Creek’s Lakeshore Commons. Rendering courtesy of RINKA.

After raising $3.08 million, Milwaukee-based F Street is ready to start construction of over two dozen townhomes at Oak Creek’s Lakeshore Commons.

F Street announced the completion of the investment capital raise on Aug. 11.

“The completion of this raise, as well as closing on the construction loan, will commence the development of a new, $12.3 million premier 28-unit multifamily townhome project in the desirable Lakeshore Commons community of Oak Creek, Wisconsin,” the real estate firm said in a news release.

Josh Lurie, principal and vice president of investor relations for F Street, said the company is “deeply gratified by the trust our investors have placed in F Street and our vision for the Ivy townhomes project.”

This development at the north end of the Lakeshore Commons project at 4005 E. Lake Vista Parkway along the Lake Michigan shoreline, was designed by RINKA, a Milwaukee-based architectural firm. The Ivy rental townhomes are slated to be available in 2024.

The official Lakeshore Commons website lists 199 rental units and 79 homes for sale. Homes start at $395,000 while rent at the Coast apartments starts at $1,375 per month.

Future phases of the project include the Summit apartments (57 rental units) and the Grove apartments (75 rental units).

Lakeshore Commons was initially proposed in 2020 on 66 acres of former industrial land. It includes a mix of single-family homes and rental units.

Oak Creek approved a development agreement for the project in June 2021. The city agreed to provide $30.1 million to help finance the project via generated property tax revenue.

Lakeshore Commons must have a minimum assessed value of $27.4 million by January 2024 and $81.2 million by January 2027 as part of the agreement with Oak Creek.

Contact Erik S. Hanley at erik.hanley@jrn.com. Like his Facebook page, The Redheadliner, and follow him on Twitter @Redheadliner.

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This article originally appeared on Milwaukee Journal Sentinel: Construction begins on townhomes at Lakeshore Commons in Oak Creek