The condominium market remains in the dumps, so the developer of the Mt. Tosa Neighborhood wants to switch plans and offer assisted-living apartments instead.
Helmut Toldt, president of Brookfield-based Toldt Development, has asked modify the developer's agreement with the city to allow construction of 67 single- or studio-unit assisted-living and memory care rental units instead of the previously planned 40 two-bedroom condos.
Toldt already has broken ground on Cedar Glen, an 80-unit senior apartment facility at the former city landfill site at 113th Street and Walnut Road. That project has qualified for tax credits.
The portion of the project to be discussed by the Plan Commission at 7 p.m. today would be a subsequent phase, adjacent to Cedar Glen, for the "continuum care" building, dubbed Oak Park Place. The application submitted to the Wauwatosa Community Development Department breaks down the new proposal to 31 one-bedroom and 16 studio apartments categorized as assisted living and 20 apartments for people with dementia. A staff of 40 people would provide round-the-clock care.
Toldt has not responded to a reporter's request for an interview.
The developer's agreement approved in December 2009 details the composition of housing units for the entire project, as well as each building, and sets a timeline for phasing. The Mt. Tosa Neighborhood was originally planned to have eight separate projects for a total of 387 apartments and 40 condos. If the changes receive approval, that would bring the project to 454 apartments on the 18-acre parcel.
While the project was initially expected to be worth more than $50 million, the property was sold by the city for much less than anticipated due to the poor economy and the fact that soil conditions required remediation.
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