Tosa’s new TIF district poises 92 apartments on Mayfair Road

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By BRIDGET FOGARTY

USA TODAY Network via Reuters Connect

Wauwatosa‘s Common Council has approved another TIF district. This time the new $2.85 million TID 17 will transform a 1.7-acre parcel containing two office buildings on North Mayfair Road into 92 market-rate apartment units.

Here’s what to know.

New apartments in TIF 17 would range from studios to three-bedroom units

Cream City Real Estate Investments LLC plans to build the 92-unit development at 2825 and 2835 North Mayfair Road, across from Blue Mound Golf and Country Club.

The Common Council approved the development and TIF district’s term sheet in March and approved the creation of the district itself May 19, according to online meeting minutes.

The new apartment development would offer a blend of studio, one-bedroom, two-bedroom and three-bedroom market-rate apartments, according to city documents. Developers also plan for 110 parking stalls – 51 structured parking stalls for residents only, and 59 surface stalls for residents and visitors.

A fitness center, outdoor courtyard, club room and electric vehicle charging stations are among the amenities planned for residents.

How much would the city pay in TIF financing, and what would it get in return?

The city anticipates spending a total of around $5 million on project costs, including an estimated $2.85 million in development incentives on a pay-as-you-go basis, according to the term sheet.

The city anticipates TIF 17 will generate around $19.6 million in new taxable value by the end of 2027, according to the project plan.

Plans say the TIF district is expected to generate enough tax increment to pay all project costs by 2043, sooner than its maximum 27-year lifespan.

When will construction begin?

Construction will begin in June 2026 and is expected to finish in July 2027.

Will the developer pay money to the city’s Affordable Housing Fund?

Cream City Real Estate, LLC, has agreed to pay $100,000 to the city’s affordable housing fund, which consists of money from developers who got tax incremental financing to build housing in Wauwatosa, but didn’t make those units affordable. For example, developer Mandel Group agreed to pay $471,000 into the fund upon “substantial completion” of Harlow & Hem, their ongoing development at a former Tosa Village parking lot, the Milwaukee Journal Sentinel previously reported.

What other TIF districts recently formed in Wauwatosa?

In recent months, Wauwatosa leaders have passed tax incremental financing to help fund new developments that will boost the city’s housing stock.

The city granted developer JJHG3group around $890,000 in TIF funds to convert a long vacant, quarter-acre lot on the edge of the Tosa Village into market-rate rental housing that will include four townhomes and 10 apartment units in two separate buildings.

The city plans a facelift on Milwaukee County Research Park with a $38 million TIF to help fund three new apartment buildings, including upgrading the Sonesta Hotel into affordable apartments.