Urban Wisconsin – Mixed-Use Development
Tina Vital | Managing Director | |
(917) 432-8474 |
OVERVIEW
Urban Pioneer is seeking +/- $4 million of equity (excluding committed equity of $195,000) to develop a multi-family and commercial real estate project in City of West Allis, Milwaukee County, Wisconsin. Over $15 million of debt financing has been soft-circled.
- 66 units – 57 apartments (58,018 square feet) and 9 townhouses (17,092 square feet)
- Site land – Residential (0.36-acres acquired; additional 0.68-acres held for purchase); Commercial (0.55-acre park, in-process; additional 0.13-acres held-for-purchase)
- Tax Increment Financing (TIF) of $2.5-$3.5 million provided by City of West Allis
- Shovel Ready – construction expected to begin 6 months after funding
- Management team experienced in developing residential and commercial real estate projects in Wisconsin, including the City of West Allis
URBAN PIONEER MIXED-USE DEVELOPMENT – CITY OF WEST ALLIS
- Urban Pioneer Mix-Use Development – 8000 block on West National Avenue in City of West Allis, Milwaukee County, Wisconsin
- Fisher Commercial BOV (Broker Opinion of Value; January 2023) – stabilized valuation between $19.5 million and $20.2 million
- Mixed Use Zoning – conditional approval in-place from City of West Allis Planning Commission
- Phase I and II – Environmental Assessment – Konicek Environmental
OPPORTUNITY – MILWAUKEE, WISCONSIN
Increased demand for residential and commercial real estate amid shortage of supply – driving up prices.
- Tightness in both rental and for-sale sectors of housing market
- Demand driven by job growth and in-place infrastructure
- Substantial base of existing and projected future households with strong demographic profiles
OPPORTUNITY – CITY OF WEST ALLIS
City of West Allis is the 11th largest municipality in Wisconsin with about 60,000 residents – located southeast of the City of Milwaukee, supporting a land area of around 11.5 square miles.
- Residentially mature first-ring suburb of Milwaukee with reputable school system but with limited vacant land available for large-scale residential development
- Major employers – Aurora West Allis Hospital; West-Allis-West Milwaukee School District; Quad Graphics; Brookdale Senior Living; Children’s Hospital Summit Place; City of West Allis; Aurora at Home; Wheaton Financial; Johnson Controls; Village at Manor Park; Hansen Lab; Sullivan/Schein; and Milwaukee Area Technical College
- Shopping and recreation –major retail and local stores; West Allis Farmer’s Market; Wisconsin State Fair Park; 150-acre Greenfield Park and Cool Waters Aquatic Park; alongside open spaces, bike paths, etc
- Well-served by regional transportation systems including I-94 and I-894 loop
SOLUTION/STRATEGY
Urban Pioneer is launching the development of a mixed-use project in the City of West Allis, Milwaukee County, Wisconsin.
- Residential properties are undersized for development and require a single CSM (certified survey map) for development
- High demand location reflecting neighboring job centers and entertainment venues within walking distance
- Environmental model garnering grants and other green subsidies
URBAN PIONEER – ARCHITECTURAL PLAN
- 53 underground parking stalls
- 9 surface parking stalls plus street parking
- Ground floor commercial
- 21-foot commercial ceiling heights and lofted townhomes
- Attached 2-car townhome garages
- Community rooftop lounge & four-seasons room
- On-site environmental stormwater management
- Solar power option
- Sustainable building materials and practices
URBAN PIONEER – SITE PLAN
MANAGEMENT
Brian Kliesmet – Chief Executive Officer, President, and Co-Founder
Over 34 years of experience in real estate development and master planning throughout the U.S. In 2017, founded and led Transit Innovations, LLC and Transit Oriented Development LLC; led real estate project coordination with the City of West Allis, WisDOT, Southeastern Wisconsin Regional Planning Commission, and community mayors and planning commissions to implement development projects. Previously served as CEO and President, Crown Acquisitions; and President, Landscape Architects. Executed strategic economic development plans and PPP (Public Private Partnerships) as a consultant and advisor to cities and developers. As a private developer, built residential, mixed-use, and hotel developments throughout Wisconsin. Led negotiations with WHEDA, MMSD, DNR, WisDot, Milwaukee County, and local consensus building for real estate development while negotiating favorable Tax Increment Financing Districts and access to New Market Tax Credits with Wisconsin communities. Board Member – Milwaukee Light Rail Implementation Committee; Milwaukee Municipal Sewage District Advisory Board; Westtown Business District Transit & Planning Committee Chairman; Vision 2000 Master Plan Committee Chairman; and Urban Ecology Center Executive Chairman. B.S. Planning & Landscape Architecture, University of Wisconsin-Madison.
Jaqulynn J. Honi – Chief Operating Officer
Over 35 years of experience in corporate sales and marketing. Joined Transit Innovations, LLC and Transit Oriented Development LLC in 2020. Outreach Coordinator, JAQ Enterprises, LLC. Previously served as Operating Partner, Advanced TMD & Dental Sleep Center; Owner and Motivational Coach, True Body, LLC.; and Lead Account Executive, Muzzy Broadcasting (central Wisconsin). Graduate, Dale Carnegie Professional Skills Training Program. Graduate, Coaches Training Institute Co-Active Leadership Training Program.
Mark David Gray – Vice President, Planning and Design
Over 50 years of experience in graphic arts, design, and urban planning. Long time resident of Milwaukee, understands pulse of community, history and incorporates neighborhood context and sense of place into modern housing and state-of-the art environmental designs. Previously developed Architectural Rendering and Concept Design for Arcopia. Founded Mark David Gray and Associates Company (freelance advertising and design). Previously served in the City of West Allis Planning Department. BFA, Layton School of Art/MIAD. BFA, University of Wisconsin-Madison.
FOOTNOTES:
Overview
(1) Fortune Business Insights – Modular Construction Market Size Share Covid-19 impact Analysis Forecast 2021-2028 – April 2021
(2) ReportLinker – United States Prefabricated Buildings Industry Study – Growth Trends COVID-19 Impacts and Forecasts 2021-2026 – 210419
Opportunity – Milwaukee, Wisconsin
Opportunity – City of West Allis
(3) Fortune Business Insights – Modular Construction Market Size Share Covid-19 impact Analysis Forecast 2021-2028 – April 2021
(4) ReportLinker – United States Prefabricated Buildings Industry Study – Growth Trends COVID-19 Impacts and Forecasts 2021-2026 – 210419
(5) Urban Milwaukee – Housing Shortage Driving Prices Higher – 210113
(6) University of Wisconsin-Madison – The State of Workforce Housing in Wisconsin – October 2020
(7) NLIHC – The Gap – A Shortage of Affordable Homes – April 2022
(8) ROCKET Homes – West Allis Housing Market Report – January 2023
(9) City of West Allis – Demographic Report – 2020
(10) Movoto.com – Market Trends – West Allis WI – 230212
(11) Tracy Cross & Associates – Residential Market Analysis – Strategy Planning Guidelines – West Allis WI – 210208
(12 )Rent.com – Milwaukee-Waukesha-West Allis – Fair Market Rent – February 2023
(13) Hunden Strategic Partners – Comparative Analysis of downtown Milwaukee Entertainment and Hospitality – 150509
SPECIFIC RISKS
Financial models and other supporting information regarding historical data, hypothetical target returns, contextual analysis, and other pertinent matters will be made available to prospective investors upon request. There is no guarantee of success, and there is a potential for loss of your investment.
- Early-stage company risk – limited financial operating history, limited assets, and cash flows
- Liquidity risk – access to sufficient capital to deploy developments
- Market risk – sale of residential real estate projects may be slower than expected, or at lower-than-expected price points reflecting a slow-down in the general economy
- Operational risk – real estate projects may incur higher than expected costs or experience unexpected problems; unexpected equipment / supply chain bottlenecks; and/or significant project pre-planning and coordination of design, onsite installation, and transportation – results in increased offsite manufacturing investments
- Key person risk – lightly-staffed and expertise is concentrated in a few key executives; expansion will require finding experienced executives and engineers to fill open positions
- Technology risk – new and/or preferred building technologies may enter market
- Competitive risk – existing and/or new entrants, some with deep pockets, could develop real estate projects to compete in Urban Pioneer’s markets
- Private securities are speculative, illiquid, and carry a high degree of risk – including the loss of the entire investment.