A massive $100.2 million development project, featuring 399 apartments, is set to begin construction in 2024 at the Drexel Town Square in Oak Creek after city officials approved financial support for the project on Tuesday.
The new development aims to provide additional housing options for residents and contribute to the overall growth and expansion of Oak Creek's community. The residential complex will be a welcome addition to Drexel Town Square, which already boasts an impressive array of retail stores, restaurants, and entertainment venues.
City officials are optimistic about the potential impact that this large-scale apartment development could have on their local economy. "We're excited about what this means for our city," said Mayor Daniel Bukiewicz. "This investment not only provides much-needed housing but also has the potential to bring increased revenue from property taxes and attract even more businesses."
The approved financial support by Oak Creek officials involves a tax incremental financing district (TIF) that allows developers access to funds upfront with repayment coming through future property tax revenues generated by their completed projects.
Developers expect that upon completion, these modern apartment homes will cater primarily towards young professionals seeking upscale living spaces close to work opportunities within proximity of shopping centers like IKEA or Northwestern Mutual Life Insurance Co.'s Franklin campus.
These new apartments promise state-of-the-art amenities such as fitness centers, swimming pools and clubhouses tailored specifically towards fostering a sense of community among its tenants while offering top-notch services aimed at simplifying everyday living experiences like package handling or maintenance requests without hassle or delay.
Sarah Rolfson-Jones, an analyst from Real Estate Solutions Group LLC says: “Seeing major investments made into areas within communities typically helps pave way for further infrastructure improvements benefiting both existing businesses & residents alike.”
As construction inches closer toward its commencement date in 2024, many local business owners eagerly wait alongside prospective tenants hoping these new apartments will not only help diversify Oak Creek's population but also lead to an increase in foot traffic through the Drexel Town Square, ultimately boosting both local and regional economies.
Overall, this $100.2 million investment into the development of 399 additional apartments at Drexel Town Square is a testament to Oak Creek's continued growth and commitment to providing high-quality living options for its residents while simultaneously strengthening economic prospects for years to come.