In November of 2019 a groundbreaking ceremony was held for Velo Village, a luxury apartment community within the Ballpark Commons mixed-use development in Franklin. When complete in 2021 Velo Village will be comprised of 265 apartment homes in five modern residential buildings with a stand-alone clubhouse that has 3,100 square feet of programmed amenity space and an outdoor swimming pool.
From their website:
These pet-friendly, luxury apartment homes are seamlessly integrated into the Ballpark Commons entertainment and sports district. An area that appeals to both residents and visitors who enjoy performance and wellness activities including baseball, soccer, golf, skiing, and bicycling – from which the name “Velo” – the French word for bicycle, derives. Our prime location, amongst parks, dining, nightlife, and recreation are yours to enjoy all year round.
The Milwaukee Journal Sentinel this week devoted coverage to the rise of luxury apartments in the suburbs. Their article requires subscription, but here’s an excerpt:
For those with luxury living in mind, the supply of upscale apartments seems plentiful enough.
Or is it? It’s a question many suburban municipalities in the Milwaukee area have asked, usually with a confident response that there are still not enough units to go around to satisfy a pent-up demand. Developers, by actions and plans, support that conclusion.
With so many new proposals in the works, another question is when developers and community leaders will decide the market is saturated. There’s no short answer.
“Real estate development is all about demand and supply; developers are constantly trying to evaluate if there is a need, a demand, for certain kinds of real estate in any given area,” said Andrew Hunt, director of the Marquette University Center for Real Estate. “Factors such as whether or not an area has too many other units available (supply) or has a lot of new units coming online (also supply) play into this a great deal.“
For now, the demand is evident, Hunt said.
While luxury apartments aren’t a new concept, the current push by developers reflects what some officials and developers say is all about demand, based on market surveys and community input.
“Developers have noted there is a demand for more units in the suburbs,” Hunt added.
Almost uniformly, municipal officials have welcomed such development proposals, often pointing to market studies and surveys as why they feel the spaces will be easily filled by tenants.
Velo Village was not cited in the article.