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Mount Pleasant subdivision with 198 lots aims for variety and affordability

By Sean Ryan  –  Reporter, Milwaukee Business Journal

Bear Real Estate Group emphasized affordability for its planned 198-lot subdivision in Mount Pleasant where some single-family houses are expected to be priced in the $350,000 to $450,000 range.

Bear Real Estate is looking to buy 64.7 acres at Highway 31 and Highway KR for a project village officials estimated could be worth more than $84 million in new property value.

Many of the home lots are envisioned in the 4,000- to 7,000-square-foot range, making for a denser subdivision layout. That means lower prices for the homes, said S.R. Mills, CEO of Kenosha-based Bear Real Estate. The project would also have about 60 apartments, and 22 side-by-side duplex units selling for as low as $320,000.

For a single-family house of up to 2,000 square feet with a garage opening onto an alley, prices could range from $350,000 to $425,000, Mills said during a presentation to Mount Pleasant’s Plan Commission on Wednesday. Larger houses with front-facing garages would be about $25,000 more, he said.

“One of the problems we’re having right now on the building side of things is if we do a traditional, 20,000-square-foot lot, the cost to do that kind of blows it out of the water; we have to push the prices up so high,” Mills said.

The more narrow lots proposed in Mount Pleasant split up the land prep and infrastructure costs between more properties, which also helps with pricing, he said.

“The development is a little different from your traditional single-family development because it includes other product types, from townhomes to multi-family to commercial,” Mills said.

The current plan includes a corner site of about 6 acres for commercial development where Bear is pursuing a Kwik Trip store or similar uses, and land set aside for higher-density apartment or mixed-use buildings where plans have not been submitted to Mount Pleasant, but Mills and village officials anticipated about 60 total apartments.

The Mount Pleasant Plan Commission endorsed the plat for the subdivision on Wednesday, which is an early step in the approval process for the overall project. Discussions also are underway over potential village tax incremental financing support, and for the other building types envisioned on the site.

Pending approvals, Mills said earthmoving could begin as early as fall. The project is called “Pike River Crossing.”

Mount Pleasant officials in spring 2021 created a tax incremental financing district to support new development on the west side of Highway 31 between Braun Road and Highway KR, where Bear’s project is located. Fiduciary Real Estate Development Inc. is building up to 280 rental units in one of its Seasons-branded communities at Highway 31 and Braun Road.

Source: https://www.bizjournals.com/milwaukee/news/2022/05/18/mount-pleasant-subdivision-variety-affordability.html