MILWAUKEE BUSINESS NEWS

The City of West Bend is working with Milwaukee-based real estate company F Street to develop a new business park with potentially more than 1 million square feet of industrial space on the southeast side of the city.

Earlier this week, the city’s Plan Commission rezoned approximately 107 acres near the southwest corner of Rusco and River roads for manufacturing uses. Earlier this year, the city annexed the land from the Town of West Bend in order to connect it to city sewer and water systems, according to city documents.

The development will be known as Crossrail Commerce Center, according to F Street.

F Street is working with commercial real estate firm Colliers to market the property for sale or lease. with concept plans showing up to 10 built-to-suit lots available. A 10-acre lot is shown as having a pending sale.

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PRESS RELEASE

West Bend, WI (February 29, 2024) – F Street, a leading real estate investment and development firm, is thrilled to announce the successful closing of a construction loan with CoVantage Credit Union for its highly-anticipated project, The Emree, located in West Bend, Wisconsin. F Street was able to raise $11.35 million in capital investment, which has paved the way for construction to officially begin next month on an over $30 million investment in the community.

“We are excited to have secured financing and to begin construction on The Emree,” said Scott Lurie, Founder of F Street. “The overwhelming investor response to this project is a testament to the strength of the West Bend market and the continued growth of alternative investment.”

The Emree will be a Class-A multifamily development featuring 105 units across seven buildings. The community will offer residents a variety of upscale amenities, including an outdoor pool, clubhouse, expansive patio area, and convenient access to the revitalized Downtown Riverwalk and Eisenbahn Trail.

F Street has established a strong partnership with the City of West Bend, resulting in a public-private collaboration that includes a Development Agreement and valuable incentives such as Tax Increment Financing (TIF) and a forgivable loan. This collaboration demonstrates the City’s commitment to fostering economic growth and creating a diverse housing market.

“The City of West Bend is proud to partner with F Street on this exciting project,” said Jay Shambeau, City Administrator of West Bend. “The Emree will provide much-needed housing options in our downtown, significantly increase the property value, and help create jobs.”

Construction of The Emree is expected to be completed within 11-16 months. Upon completion, the project will provide residents with a vibrant and convenient living environment in the heart of West Bend.

About F Street

F Street is a premier real estate investment and development firm headquartered in Milwaukee, Wisconsin. The company specializes in the acquisition and development of high-quality commercial and residential properties in Wisconsin and beyond. F Street is committed to creating dynamic and sustainable communities that enrich the lives of residents and contribute to the economic vitality of the regions it serves.

www.fstreet.com

 

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Media Contact:

Nick Jung
Director of Development
nick@fstreet.com
(612) 810-7023

MILWAUKEE BUSINESS JOURNAL

F Street is gearing up to start construction in the coming months on about 105 apartments that will replace the former facility of West Bend Transit & Service Co., which has relocated.

The “Emree” project was announced last year. Milwaukee-based F Street has secured an end lender to finance the construction and is ready to begin work before the end of March, according to a Monday email from chief operating officer Mike Doney. The company is finalizing the process of raising money from investors, and there is “limited participation room” still available, Doney’s email said.

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Press Release

WEST BEND, WI, June 15, 2023 — F Street, through its subsidiary F Street West Bend, LLC, is excited to announce a limited-time investment opportunity in The Emree, a new Class-A, market-rate apartment development located at 105 S Forest Avenue in West Bend, Wisconsin. The Emree development aims to diversify the housing mix within the West Bend community and capitalize on the strong demand in the local housing market.

The housing market in West Bend has demonstrated remarkable strength, boasting extremely low vacancy rates. A recent market study by Tracy Cross & Associates revealed that 14 out of 15 apartment projects built in the Greater West Bend market since 2005 reported zero vacancies. This highlights the urgent need for additional housing options in the area.

The Emree multifamily development will consist of 105 units spread across seven separate buildings, including a row of townhomes, which have been uniquely designed by our architectural partner, RINKA+. The community will offer a range of one, two, and three-bedroom units, each featuring high-quality finishes such as stainless-steel appliances, quartz countertops, and in-unit laundry facilities. Residents will also enjoy an array of amenities, including an outdoor pool, clubroom, elevated fitness center, and convenient access to the Riverwalk.

F Street has established a strong partnership with the City of West Bend, resulting in a public-private collaboration that includes a Development Agreement and incentives including Tax Increment Financing (TIF) in the amount of $2,606,500 and a forgivable loan in the amount of $300,000. The City of West Bend has displayed unwavering support for The Emree project, showcasing its commitment to fostering economic growth and improving the community and a diverse housing market.

“F Street’s investment in the City of West Bend marks a significant milestone in our ongoing redevelopment efforts. The garden-style design of The Emree aligns perfectly with the surrounding residential area and will contribute to the growth and prosperity of our downtown businesses. We are grateful for F Street’s commitment to our community,” stated Jay Shambeau, City Administrator of West Bend.

Construction of The Emree is scheduled to commence in Q3 2023 and is expected to be completed within a 10-14 month timeframe. Initial move-ins for residents are projected to begin in Q2-Q3 2024, with pre-leasing efforts commencing in Q1 of the same year.

Investing in The Emree offers numerous benefits, including depreciation tax advantages, portfolio diversification, long-term appreciation potential, passive income generation, protection against inflation, and the security of investing in a tangible asset. The opportunity to participate in the development’s total capital raise of $7,300,000 provides investors with an attractive chance to maximize returns.

Investors interested in joining this exciting venture can find more information at www.fstreet.com. The investment closing date is set for August 15, 2023.

 

About F Street:

Through world-class development and visionary design, F Street provides quality real estate investment opportunities. Our vision is to be a leader in the real estate investment and development community recognized for our passion, commitment to excellence, discipline, and creativity. We deliver exceptional projects that enhance and support the communities that we develop in.

 

Contact: Nick Jung
Director of Development
(612) 810-7023
nick@fstreet.com

 

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Milwaukee Journal Sentinel | April 11, 2023

A multi-family rental housing development featuring “garden-style” buildings is being planned for an area near downtown West Bend.

The development at 105 S. Forest Ave. would include seven buildings with a total of 106 multi-family units and a separate, central amenities building with an outdoor pool, clubhouse and expansive patio, according to city documents.

The site is the current home of West Bend Transit & Service Co., which plans to move to an expanded office suite in the BMO building overlooking the new Riverwalk and Main Street, according to a joint news release from the city of West Bend and F Street Development, the developer on the project.

Six of the seven buildings are proposed to be located at the current West Bend Transit site; the seventh would be north of the site in what’s now a parking lot at Forest Avenue and Water Street.

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City of West Bend  |  April 3, 2023

Tonight, the City of West Bend Common Council approved a developer’s agreement with F Street West Bend, LLC (DBA “F Street Development Group”) to purchase approximately 1.9 acres of vacant city-owned land for the purpose of developing approximately 106 market-rate, multifamily units in garden-style buildings. The amenity-rich development, designed by RINKA, will also include a clubhouse, expansive patio area, and outdoor pool.

“We conducted a market study for multifamily units and demand in the City of West Bend is growing at a strong rate,” said Scott Lurie, CEO F Street Development Group. “It is clear that people in all stages of life want to live and work in West Bend. Thanks to city staff for working collaboratively with us over the last year to finalize a project that will result in substantial community and economic impact.”

“Thanks to F Street for investing in the City of West Bend,” said Jay Shambeau, City Administrator. “This site is the last to be redeveloped in our existing TID 12. The garden-style design will fit well with the surrounding residential area and will bring hundreds of residents to patronize our thriving downtown businesses.”

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