The Waukesha Common Council unanimously approved rezoning and a development plan for the third and final phase of ’s new residence hall on the northwest corner of Grand and College avenues.
The residence hall, adjacent to two other recently-built halls, will be at 304 W. College Ave. Plans call for the 52,392-square foot building to have 4,699 square feet of retail space. The residence area will have 32 suite-type units with a total of 130 beds.
The redevelopment project was lauded by council and city staff.
The project was ahead of schedule and ahead of expectations, said community development specialist Jennifer Andrews, citing the positive financial impact the project will have on the city.
“In total, the project, combined with the first two phases, will add more than $24 million in value on this five acres in the central city,” Andrews said.
All three phases require tax incremental financing (TIF) for remediation and demolition costs of redevelopment of this corner. The TIF district allows the city to provide funding that will be paid back through the increased property taxes generated on the higher property value from the project.
As a result of being ahead of schedule, the guaranteed $7.3 million value of the final phase of the project will be realized by the TIF district earlier than projected, Andrews said.
Additionally, because Carroll University leases the building from the developers, Clysmic III, the building remains on the city’s tax rolls. For Alderman Joan Francouer, that was an important fact to recognize.
“I think it’s vital for everyone in the public to know that this is a tax-producing property,” she said
“This is a wonderful addition and we should celebrate it.”
Alderman Paul Ybarra said it was a great example of a public-private partnership.
“This has been done at a very high level,” he said.
Another positive of the project, according to Andrews, is that it satisfies Carroll’s need for on-campus residential space and allows them to continue their expansion.
“Staff is very happy with how this project turned out,” Andrews said.
The project recently received an ‘Outstanding Project’ award from the architectural group Learning by Design.
Alderman Kathleen Cummings asked if planners had been concerned about students crossing mid-block as on East Avenue. Director of Public Works Fred Abadi said they do not anticipate students crossing outside of the crosswalk at that location because there is a retaining wall on the other side of the street.
The plans for the third phase were unanimously approved last month by the Waukesha Plan Commission.