By Tom Daykin of the Journal Sentinel
The Cornerstone, a four-story building with 25 apartments and 11,000 square feet of street-level retail space, will have a groundbreaking ceremony at 11 a.m. Tuesday at Oakland Ave. and Kensington Blvd., in Shorewood.
The retail space is anchored by Alterra Coffee, and includes a bar/restaurant, wine retailer/wine bar and a woman’s clothing boutique, according to developer Wired Properties, led by Blair Williams.
The building includes 47 underground parking stalls for apartment residents and additional surface parking for retailers. Construction will begin immediately, with the retailers and first apartments anticipated to open next fall. The building will be completed by December 2010.
The site was formerly occupied by a Mobil gas station, which closed in 2008. The state Department of Commerce provided a $100,000 grant to remove contamination from the property.
Financing for the $7.5 million project included $929,000 provided by Shorewood through a tax increment financing district. That money will be repaid through the Cornerstone’s property taxes.
