Plans for an apartment complex with 273 units is advancing in Greenfield with the project’s development team securing preliminary approval Tuesday night.
Milwaukee-based Cobalt Partners and Joseph Property Development have teamed up to develop a vacant 26-acre site along 92nd Street, just north of I-894, in Greenfield. The duo purchased the site in 2022 and has contemplated an apartment development since then.
The $50 million project would consist of 18 two-story buildings. Each building would be designed with townhome-style units, private entrances and attached garages, which the developers say is a response to the growing market demand for larger, more personalized rental spaces amid a shortage of single family homes.
“As single-family housing becomes less affordable due to supply-side challenges, rising costs, and higher interest rates, we’re seeing a significant increase in demand for townhome-style, private-entrance homes—particularly among young families,” said Scott Yauck, president and CEO of Cobalt Partners.
The project would be built over four phases, plans submitted to the City of Greenfield show.
Map from City of Greenfield
Known as The Signature, the complex will include a combination of one-, two- and three-bedroom units. In its amenity package, The Signature will have an outdoor pool; outdoor communal space featuring fire pits and grilling stations; and walking trails that connect the neighborhood to an undeveloped property to the west and link to the existing Powerline Trail.
“A thoughtfully planned community creates a true sense of place through open space, attractive landscaping, walking trails, and resort-style amenities,” the development team said in a press release.
Yauck said construction could start “shortly after” the city approves a development agreement with Cobalt Partners and Joseph Property Development. That agreement won’t be finalized for at least two or three months.
The Signature would not be Cobalt Partners’ and Joseph Property Development’s first collaboration in Greenfield. The team is also constructing 267 apartments at Loomis Crossing, located at Loomis Road and West Layton Avenue, with the second of three buildings scheduled for completion in June.
Cobalt Partners was the firm behind the 50-acre 84South project, which includes retail, housing and medical buildings. Most recently, Chipotle opened at the development, with Starbucks and Cooper’s Hawk Winery & Restaurant slated to open there next month. Once these businesses launch, only one development parcel will remain at 84South, according to the press release.
