Grafton, WI – Mequon based Shaffer Development announced today that it is in the preliminary design stages for a $17 million dollar mixed use project in the Village of Grafton. Shaffer has been working with the CDA who voted last night to sell a 4-acre site that encompasses 1505 Wisconsin Avenue, in the center of the Village for $1.00. Additional incentives would also be made available pending completion of the development.
The proposed development will be completed in two phases with phase one to include a 41 unit residential building along Beech street and a mixed use building on Wisconsin Avenue with 10,000 SF of retail space and 18 residential units. Phase two would consist of an additional 72 residential units and an additional 10-15,000SF of commercial space. The total development will increase the Village tax base by over $300,000 per year. Units will be one and two bedroom with underground, parking, in unit washer/dryer, stainless appliance and solid surface counter tops. Rent will range from $1000 to $1,600 per month.
Cindy Shaffer owner of Shaffer Development is the co-developer and co-owner of the Mequon Town Center, a 16 million dollar mixed use development with 30,000 SF of retail space and 29 luxury apartments in Mequon. According to Mequon Mayor Dan Abendroth, “The City of Mequon has enjoyed working with Shaffer Development on the new Mequon Town Center. This was a complicated development with multiple property owners and Shaffer worked collaboratively with all to make this happen.”
Shaffer is hoping to do the same for Grafton, “while the market is different, our rents in Mequon start at $2,300, the demand for quality housing in the village is needed. Ozaukee County has the highest per capita income in the state, barriers to entry have been high and the supply of new quality housing is low. The millennials, baby boomers and increased jobs in the county all help to fuel this demand" - creating a rare window of opportunity.
“The vibrancy of a mixed use development is what the Village has been looking for,” stated Jessica Wolf, Village Director of Planning and Development.
Shaffer has met with several potential retail tenants and while no commitments have been made there appears to be a significant interest in the site. Potential tenants include a coffee shop/restaurant, financial institution, hair salon and dental office. “Our Mequon project was 75% leased prior to construction and is close to 100% occupancy for the commercial space. I would expect the same results in Grafton.”
The Village and Shaffer are working closely with the WDNR and WEDC to secure Brownfield’s Grants for this site. According to D’Arcy Gravelle of Key Engineering who has headed up a Green Team Meeting for this project, “One hundred years of commercial and industrial land use has left some challenging site conditions, however, these site conditions are nothing that we have not seen before and nothing we cannot safely remediate. The Village and Shaffer are committed to restoring a safe, healthy living environment that is in keeping with the Village vision for this locale. We are fortunate to have a developer and a municipality who are willing to work together to benefit our community and restore our environment.”
Shaffer is hoping to break ground by the end of the summer, and is in the process of obtaining, 2.5 million in equity from investors. “I have a significant amount of interest in this project, investors love Ozaukee County, the demographics and economics of projects like these are very desirable.”