The City of Wauwatosa would create its 17th tax increment financing district to provide $2.85 million in developer incentives under a plan being considered to enable the construction of a 92-unit apartment building on Mayfair Road just north of Mayfair Mall.
The project, led by Cream City Real Estate Investments, would be supported by the city through a negotiated term sheet that was discussed and recommended March 17 by the Common Council's Financial Affairs Committee. It is expected to be voted on by the full council at its March 24 meeting.
The proposed redevelopment of 2825/2835 N. Mayfair Road would be called Latitude 43 and would offer mostly studios, one-bedroom apartments and two-bedrooms, with some larger three-bedroom units, in a five-story building that would include indoor and outdoor parking totaling 110 spaces. Amenities would include a fitness center, an outdoor courtyard, a club room and electric car charging stations.