Date: Friday, October 28, 2011, 5:00am CDT
Stacy Vogel Davis
Reporter- The Business Journal
A $7 million mixed-use development in Shorewood has broken ground and leased all 8,100 square feet of its retail space.
Ravenna, 4521-4537 N. Oakland Ave., is the follow-up to The Cornerstone project that opened across the street in 2010. Both were developed by WiRED Properties, Milwaukee.
WiRED president Blair Williams has leased the retail space to Indulgence Chocolatiers, Yo Mama! frozen yogurt, Elements East and Performance Running Outfitters. He focused on attracting local retailers that are new to Shorewood, he said. The project, which includes 20 luxury apartments, is expected to open in July 2012.
The local focus is what attracted Julie Waterman, owner of Indulgence Chocolatiers LLC, to the project, she said. The Waukesha chocolate company has been in operation since 2007, but this is its first retail location. Waterman had been casually searching for a site for two years, and this is the first one she found with such a thoughtful approach to retailing, she said.
“The developers have taken great care to create a mix of tenants that are going to support each other,” she said.
Yo Mama opened its first location in Wauwatosa this year. In addition to the Shorewood location, it’s also planning a Brookfield store, according to a news release. Elements East, an Asian furniture and art store, is moving to Shorewood from Whitefish Bay. Performance Running has stores in Brookfield and Oconomowoc and is currently in a temporary Shorewood location on North Oakland Avenue and East Lake Bluff Boulevard.
WiRED won a request for proposals competition from the village of Shorewood for the project in 2007, but it was delayed because of the economy, Williams said. It bought the land from the village for $230,000 and is not receiving any financial assistance from Shorewood other than what the village spent assembling the parcel, he said.
Engberg Anderson Inc., Milwaukee, is the architect on the project. First Bank Financial Centre, Oconomowoc, is the lender.
Ravenna’s predecessor, The Cornerstone, is 100 percent leased for apartments and retail space, the release said. Retailers include Alterra Coffee Roasters, Boutique B’lou, Thief Wine Shop & Bar and North Star American Bistro.