Apartment complex proposed in Mequon

Dermond Property Investments has proposed three-story, 33-unit apartment complex on a vacant lot at 11130 Buntrock Ave. in Mequon.

Dermond Property Investments has proposed three-story, 33-unit apartment complex on a vacant lot at 11130 Buntrock Ave. in Mequon.

Oct. 13, 2015

Mequon — A three-story, 33-unit apartment building could soon fill an empty lot on the west side of Mequon.

Dermond Property Investments has proposed the 50,564-square-foot apartment complex on a 1-acre parcel at 11130 Buntrock Ave., which is just south of Mequon Road. The building will include a mix of 17 one-bedrooms, 12 two-bedrooms and four three-bedroom units.

Eric Dermond purchased the property in 2008 with the intent to redevelop it. The land is currently assessed at $383,300, but the developer estimates it will be valued at $8.4 million with the new apartment complex.

The developer plans to market the high-end apartments to young professionals and empty nesters. In an application to city officials, the developer estimates three-bedroom units will rent for $3,000 per month; two-bedroom units will rent for $2,600 per month; one-bedrooms with a den will rent for $1,700 per month and one-bedrooms will rent for $1,425 per month.

The new building would be located in the Town Center zoning district, which allows 32 units per acre and a 10 percent density bonus for providing all tenant parking underground. The Town Center zoning district requires all units be at least 1,000 square feet, but city officials are recommending an exception for the smaller one-bedroom units, which are 821 square feet. City officials are requiring that no more than 30 percent of units drop below 820 square feet.

The Mequon Plan Commission approved the apartment complex on Monday, Oct. 12. The proposal will go before the Mequon Common Council for final approval on Nov. 10.

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