First multifamily development in 20 years breaks ground in Waterford
WATERFORD — An 84-unit, $8.4 million market-rate luxury apartment complex broke ground Friday morning, marking the beginning of construction on the first new multifamily development in the village in about 20 years.
Village officials, Racine County Executive Jonathan Delagrave and staff from Brookfield-based developer Pre/3 and Greenwoods State Bank were on hand to take a ceremonial stab at the dirt at the future apartment site. The 11-acre development — dubbed The Cornerstone and located at the Westerra Business Campus at the northwest corner of the intersection of Highway 164 and Cornerstone Crossing — is set to see seven buildings with 12 units each constructed over the next 18 months, according to Pre/3 Vice President Sarah Hillenbrand.
Each unit is planned to be a two-bedroom, two-bathroom apartment with private entry, in-unit washer and dryer, granite countertops and stainless steel appliances, Hillenbrand said. Rent is expected to be $1,300 per month.
“(Waterford) is lacking new product at this level,” Hillenbrand said in an interview. “We have built about 4,000 units similar to this across Wisconsin over the past five years and had exceeding success in the lease-up of those, so we didn’t see there to be a reason for a different outcome here in Waterford.”