Wauwatosa’s Mayfair Collection project could get affordable apartments

Wauwatosa Mayfair Collection Mixed Use Project could get an apartment development that includes affordable units, as well as a senior citizen building.

The development would consist of two buildings, each four to five stories high, which would be constructed on a vacant site just north of Synergy at Mayfair Collection, an upscale apartment development, 11221 Synergy Drive.

MSP Real Estate Inc. is seeking federal affordable housing tax credits to help fund the development of 80 units.

Tax credits are sold to raise funds, with developers seeking bank loans and other sources of funding to supplement their financial packages.

The Wisconsin Housing and Economic Development Authority typically awards credits each spring in an annual competition.

Developers who receive tax credits are generally required to provide the majority of apartments in a building at below-market rents to people earning no more than 60% of the local median income.

MSP Real Estate wants to develop one building just for seniors and one for younger tenants, including those with children, said Mark Hammond, vice president of development for the Mendota Heights, Minnesota-based company.

The total number of units would be split around 50-50 between the two buildings, Hammond told the Sentinel Journal. The development would have 56 units set aside at affordable rents for seniors and young tenants.

Mayfair Collection, which is north of West Burleigh Street and east of Interstate 41, is a good location for a mix of affordable and market-priced apartments, he said.

The Mayfair Collection apartments would complement Synergy’s high-end units, Hammond said.

Additionally, people living in affordable units could include those who work in Mayfair Collection stores, restaurants, and hotels.

The mixed-use development includes Whole Foods Market, Dick’s Sporting Goods, Nordstrom Rack, Good City Brewing and Homewood Suites among its activities.

MSP hopes to begin construction in the first half of 2023 if the project receives tax credits, Hammond said. The units would be completed by summer 2024.

The development would also require local design and zoning approval, he said.

Other affordable tax credit-funded apartments in Wauwatosa include buildings on the east side of town, near the village area, and in the Mount Tosa neighborhood on the west side.

This includes MSP’s River Parkway Apartments and Townhouses, 6400 River Parkway.

Tom Daykin can be emailed to tdaykin@jrn.com and followed by Instagram, Twitter and Facebook.

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