$24M mixed-use development breaks ground

By Claudia Levens
Milwaukee Journal Sentinel
USA TODAY Network via Reuters Connect

Developers have broken ground on a $24 million mixed-use residential and commercial development anchoring a major tax incremental financing district in downtown Thiensville.

It will be the first new apartments built in the village in decades.

The Meridian, from Mequon-based real estate firm Heimat Capital, will be a three-story building with 80 apartment units (a mix of studio, one-bedroom and two-bedrooms) and 5,000 square feet of street-level retail, commercial and community amenity spaces with outdoor patio areas, according to village documents.

The new development sits at one of the village’s most prominent intersections at the northwest corner of West Freistadt Road and North Main Street near the Ozaukee Interurban Trail, 301 N. Main St. Previously the 2-acre site was home to a gas station, a Chinese restaurant, a small strip mall with a few apartments and a single-family home.

It’s on track for completion and occupancy in fall 2027, according to a July 8 news release from Heimat Capital.

“It’s an exciting step for the village,” Village President John Rosing said. “We haven’t built a new apartment in the village since 1991.”

Ozaukee County still faces a residential apartment shortage, and commercial retail development also faces many challenges that mixed-use projects help counter, he said.

Early ideas for the long-awaited development there started back in 2020 when the village created a new 15-acre TIF district, known as Thiensville Crossing, to pay for land acquisitions, cleanup, infrastructure and developer incentives. But it had a slow start due to the COVID-19 pandemic, Rosing said.

In 2025, the village updated its mixed-use zoning code to establish standardized rules for the kinds of developments officials wanted to see. Later that year, officials approved zoning changes and site plans.

The Meridian is the first development in the 2020 TIF district, which is the village’s second TIF district ever, and it’s the first development built under the new zoning rules, Rosing said.

In early 2026, the village approved a development agreement with Heimat Capital.

The village acquired the land between 2021 and 2024 using tax incremental financing, demolished the structures and approved sale of the site to Heimat Capital for $1 on March 16, according to the village agendas.

“It’s really a signature building that will hopefully catalyze more development in the village where there are other properties standing idle or outdated, needing to be replaced,” Rosing said.

In the Heimat news release, Heimat Principal Joe Lak II said, “As a local team, we’re committed to bringing high-quality residential options and vibrant retail to the community while respecting the historic charm that residents cherish. We’re grateful to the Village for partnering with us to bring this vision to life.”

Developers started working on the site on June 21, and a ceremonial groundbreaking will be held on July 14.

With construction underway, the real estate firm has officially started marketing the ground-floor commercial spaces for lease, per the release.

The building, which will feature natural stone, classic brick masonry and decorative metal accents, was designed by Kubala Washatko Architects. Also part of the development team are Berghammer Construction, Pinnacle Engineering Group and Pierce Engineers.

It will include 134 parking stalls, including 85 underground lower-level resident parking spaces with bike racks.