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Developers pitch Waterfare Apartments (Sonesta conversion); staff says TIF needed, committee moves to closed session
Summary
Developers proposed converting the Sonesta Hotel to 146 affordable apartments targeted to Research Park/MRMC workers and students and said tax incremental financing is required to make the rents feasible.
Developers Anish Gharia and Patrick Shanahan presented the Waterfare Apartments project to the Wauwatosa Financial Affairs Committee on Nov. 11, describing plans to convert the Sonesta hotel at Watertown Plank Road and Mayfair Road into about 146 affordable units aimed primarily at Research Park/MRMC workers and students.
"We're looking at mostly studios and one bedrooms," Shanahan said, describing a unit mix with micro-studios around 330 sq. ft. and demised one-bedroom units near 660 sq. ft. He said the team is targeting starting rents of about $985 for a micro-studio and $1,300 for a one-bedroom—figures the developers said…
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