Luxury Apartment Building Proposed For Oakland Avenue

SHOREWOOD, WI — A four-story residential building that would create 43 new apartments was proposed for 4414 Oakland Avenue. The proposed site is currently occupied by a former bank.

The development would be a "luxury residential community" on the corner of Oakland Avenue and Lake Bluff Boulevard called "The Eyrie," according to proposal documents submitted to the village. Documents submitted to the Village show that the development would have amenities such as exercise facilities, a community center, coffee bar, community workspace and an optional concierge service.

The developer is seeking an exception to Shorewood's parking space minimums, which will be heard at the July 27 Plan Commission meeting. For parking, the development would accommodate 30 cars in an underground lot, and 14 more cars in a surface lot on the side of the development.

The number of proposed parking spaces would fall short of Shorewood's requirement, making the special exception necessary — even if every unit would be provided one parking space.

A development on Capitol Drive recently acquired a parking exception after some residents opposed the special exception.

A one-bedroom apartment would cost about $1500-$2730 a month — a two-bedroom would cost around $2100, according to the proposal documents. The development would consist of 27 one-bedroom and 16 two-bedroom apartments.

Proposal documents say that the building would serve residents "seeking the appointments of a fine home without the demands of lawn, snow, or facility maintenance or the commitment of ownership."

Documents further state that the development would appeal to "empty nesters," young career-motivated professionals, academics and single-adult households.

Proposal documents say that The Eyrie will be landscaped focusing on the pedestrian experience. Trees already line the area, and proposal documents show that the developer would install a visual buffer of flowers, grasses and native plants.

Proposal documents obtained by Patch did not indicate any new affordable housing units would be constructed with the development. Housing equity has been a topic of concern for Shorewood — A tax incremental district has created funds that the village could use to address county-wide housing issues.

The Plan Commission agenda packet items could be finalized by Friday, a village offical told Patch.