Royal Capital Group LLC will build a 90-unit apartment complex in the Bucks’ downtown Milwaukee arena district, team officials announced on Friday.
The proposed development will be attached to the west facade of a new parking structure that is already being built near the corner of North 6th Street and West Juneau Avenue.
The apartment-complex addition to this structure will include both one- and two-bedroom units, a street-level cafe, an event space and a sports lounge that will serve both residents and the general public. Additional features include a rooftop terrace and club room, a fitness center and various outdoor and indoor lounges.
The construction of the apartment development is expected to begin in the fall, after the majority of the parking structure has been built. The work is expected to finish by fall 2018.
The Bucks began seeking proposals from developers last March, after the team had named the parking structure’s construction manager, Madison-based J.H. Findorff & Son, and design team, Graef-USA Inc. and American Design Inc., both of Milwaukee.
In choosing Royal Capital, the Bucks are getting a developer with strong ties to the area.
The company was founded by the Milwaukee native Kevin Newell in 2010, and has since grown to include over $100 million in real-estate assets, mostly in multi-family developments.
“As fellow Milwaukeeans, Royal Capital is exceptionally excited to be a part of this generational development — not just as a transaction, but as a transformational opportunity for our hometown community,” Newell said in a statement.
Royal Capital is also working to bring a $32 million development to the Brewer’s Hill neighborhood. This project will include 181 apartment units and a restaurant.
The parking structure and apartment development is just one part of an eight-block Bucks development, bordered by West McKinley Avenue to the north, West State Street to the south, North Old World 3rd Street to the east and 6th Street to the west. Centered around the new $524 million, 714,000-square-foot arena, the development area will also include an “entertainment block” consisting of shops, restaurants and public space; a team training center and attached medical clinic; and more commercial and residential developments to be built in later years.
Peter Feigin, Bucks president, said the new apartment complex is just one more step in the team’s work to “continue transforming this portion of the city.”
“This project has always been about more than just basketball; our ownership is committed to contributing to the revitalization of the city and spurring additional private investment in the future of Milwaukee,” Feigin said in a statement.