New Cooney apartment complex fills fast
City of Oconomowoc - Developer Stewart Wangard seems to have pinpointed today's housing market.
The 102 units of the first phase of his latest development in the city, Preserve at Prairie Creek, a high-end apartment complex, is completely occupied 1 ½ years after it was built.
Wangard was among area developers who said bigger homes and sprawling properties have taken a back seat to apartment-style residential living in today's economy.
The complex is near the southwest corner of highways P and Z near the Piggly Wiggly on Brown Street and is a chunk of land formerly owned by Bielinski Homes Inc., but went to M&I Marshall & Ilsley Bank after the economy and housing market took a hit.
However, Wangard Partners Vice President, Tony Derosa, said it's not just smaller, apartment residences that have driven this development, it's the lifestyle that comes with it.
"The amenity package is unmatched. We have a state-of-the-art clubhouse, on-site leasing and property management offices, an outdoor swimming pool, fire pit and grill," Derosa said of things residents enjoy on a regular basis.
The appeal of having a morning paper to pick up at the clubhouse or the nearby wooded area with Rosenow Creek could be another draw. Nother appealing aspect could be a grocery store and other retail offerings within walking distance. Derosa said these are all also big draws that have attracted residents from a vast demographic.
"We appeal to a wide range of people, from young people in their 20s to those in the later stages of their life and people moving here from out of the state," he said.
With the completion of Phase I, construction on Phase 2 has begun to add 126 units with a third phase planned to add 147 units for a total of 375 apartments.
City of Oconomowoc Mayor Jim Daley acknowledged the development at his recent state of the city breakfast, saying he was impressed with its success. He hailed Wangard as one of many developers the city has worked with over the past few years with "vision."
"It's nice to see these signs of life. It shows resilience," Daley said of the recent development.
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