Shorewood — Construction is underway on a new assisted living facility at the site of the former Riverbrook restaurant on the west end of Capitol Drive.
Crews are tearing down the vacant Sherburn Place Apartments to make way for HarborChase of Shorewood, which will include 59 assisted living units and 35 memory-care units on a 3.2-acre site on the south side of Capitol Drive between the Milwaukee River and the bike trail overpass. The project is expected to be completed by Sept. 1, 2015.
The village contributed a $1.7 million grant for the project, which has a guaranteed value of $20 million upon completion, said Shorewood Village Manager Chris Swartz. The developer of the project is Harbor Retirement Associates, a Florida-based senior living development company that operates 20 communities and is partnering on the development or acquisition of nine more communities in eight states.
Village officials are still working through the details of another senior living center — a facility designed for active seniors 55 and older — on the south end of the HarborChase site. The active senior living development, proposed by Minneapolis-based Sherman Associates, would construct a four-story, 100-unit senior residence on a 4-acre site occupied by an old Milwaukee PC store, which would be razed as part of the project.
The Sherman Associates project still needs approval from the village's Design Review Board, as well as a development agreement. Swartz said the project would also need a conditional use permit for construction due to its proximity to the Milwaukee River. Swartz said village officials are still negotiating possible public financing with the developers.
Both senior living facilities would fall under the purview of the village's TIF 3 district. The TIF has dropped more than $5 million in value since it was created in 2008. A TIF amendment approved last month will allow for a re-determination of the district's base value to its current value, which would eliminate the $5 million decrement.
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