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midwest drilled foundations waukesha
In early March, the foundation was poured for the Saint Joseph Regional .... Scott Fergus, president of developer KeyBridge Development Group of Waukesha, ...
KeyBridge Development - Press Archives
Scott C. Fergus, President, KeyBridge Development Group(262) 650-3626
...Racine, WI - The largest mixed-use real estate development in Racine's history is being jointly announced today by Gary Becker, Mayor of the City of Racine, and Scott Fergus, President of KeyBridge Development Group.
commented, "I'm delighted to be bringing this kind of development to my hometown.Pointe Blue will be a signature project for Racine, one that will change the face of the city."
Pointe Blue will feature a mix of waterfront villas, townhouses, single-family homes, low- and high-rise condominiums, in architectural styles designed to impart the feel of a seaside community."Our goal is 'Cape Cod meets Miami in Racine,'" Fergus
praised the leadership of Mayor Becker and the hard work of Mayor's team, noting that their partnership "is just one of the groundbreaking aspects of the project."
..."Scott is the developer who has the vision to do this," Becker said, adding that Fergus's experience with large-scale projects and his knowledge of the community are the "keys to moving it forward."
Pointe Blue perfectly exemplifies the kind of high-impact projects targeted by Fergus
, who represented Racine in the Wisconsin Legislature from 1984-90."The public benefits are immense," he
said."We can reclaim prime, unused land with environmentally-sensitive design, reconnect downtown to North Beach and also restore several historic structures on the site."
In addition to Pointe Blue, Fergus's
company has more than $100 million in projects under construction in downtown Milwaukee.They include the award-winning First Place on the River, the conversion of an 80-year-old warehouse into 155 luxury condominiums,the largest project of its kind in Milwaukee.Fergus
expects Pointe Blue to attract residents from a widespread area, spanning Chicago to Milwaukee."We've researched the market extensively," he
said."Pointe Blue will provide the unique waterfront lifestyle that people are looking for in both primary and vacation homes," he
The Pointe Blue site demands nothing less than the best, Fergus
KeyBridge Development - Press Archives
While serving on the Wisconsin Housing & Economic Development Authority board in the mid-1980s, Scott Fergus realized that the rising cost of housing was pushing home ownership beyond the reach of many young people.
It was that realization that drove him into nonprofit affordable housing development, where he
has built a reputation leading prominent Waukesha organizations like C-CAP L.L.C. and Community Housing Initiative Inc.
"I wanted to make sure that I could keep home ownership very much alive because home ownership anchors a neighborhood," he
is continuing to bridge that gap in home ownership through a for-profit venture called Key Bridge Group Inc.
The Waukesha firm's first proposed project in Milwaukee --- First Place on the River in the 5th Ward -- is designed to make condominium ownership more affordable for today's young professionals, he
All of those developments were catalysts for further redevelopment of the area, Fergus
"We view the 5th Ward as probably one of the most exciting areas of redevelopment in the Milwaukee area," Fergus
City officials see First Place and other condo projects as generating renewed interest among developers, and residents, in the neighborhood.
"This project (First Place), in conjunction with others, will create a cluster that will become a catalyst for additional development," said Roseann St. Aubin, communications director for the Milwaukee Department of City Development
As the son of a home builder, Fergus
has been working in the home building trades for most of his
life.But his development interest was sparked when, after working in the family business, he was elected state representative for the 61st Assembly District representing Racine in 1984.During his three terms, he served as chairman or member on several committees, including a role as chair of the Committee on Housing, Securities and Corporate Policy.He also served on the board of directors of the Wisconsin Housing & Economic Development Authority (WHEDA) and Forward Wisconsin Inc.It was while serving on the board of WHEDA that he came across housing data that showed that the average age of first-time home buyers had shifted from about 25 to the mid-30s.
The data suggested that housing prices and the overall cost-of-living was making people save money longer before buying houses.
Creating optionsThe housing issue led Fergus to keep a hand in the housing industry, working as vice president-real estate finance, for the Wisconsin Realtors Association, after leaving office of his own volition in 1990, he said.In 1994, he established C-CAP, an affordable housing development organization in Waukesha, and would become executive director of a similar organization, Community Housing Initiative, in 1995.
"He's a very aggressive, hard-driving developer," Ries said of Fergus
...But it was C-CAP's first development, Phoenix Heights in Waukesha, that taught Fergus that in order to foster growth in a neighborhood, there needed to be more income diversity among its residents.
The Phoenix Heights subdivision, with a limited price range for its 75 homes, was less successful in that regard, he
"It didn't allow for as much diversity" as he's
seen in some Chicago neighborhoods, Fergus
said."Every development that we've had subsequent to that has expanded the price range."Fergus
also makes a keen effort to ensure than each development suits the neighborhood, according to colleagues."Scott's approach to affordable housing is market-oriented," said Robert Schwarz, vice president of development for C-CAP.
expects swift approval for First Place from the Milwaukee Common Council
.If that happens, Key Bridge
could begin construction as early as this winter, although the tentative starting date remains the spring of 2005.He
hopes to open by mid-2006.Key Bridge
, which is planning a second Milwaukee condo development at 601 E. Ogden Ave., will remain Fergus'
key portal into the Milwaukee development market.Buy the firm is considering development opportunities elsewhere, even out of state, he
U.S. Representative Jerry Kleczka, Mayor Carol Lombardi, County Executive Dan Finley, Local Housing Partners, and Fannie Mae Celebrate Grand Opening of the Phoenix Heights Subdivision in Waukesha; Partners Dedicate Lombardi Way
"Phoenix Heights represents the type of high-quality development that residents of Waukesha deserve," said Scott Fergus, president of C-CAP, Inc."The median resale price of an existing home in Waukesha County is $187,000.Phoenix Heights represents significant value and affordability for working families and we are proud of this subdivision.Families who could not dream of living near their jobs in Waukesha County can now enjoy the benefits of homeownership." The CLEARE Fund
, comprised of lenders such as TCF National Bank
, Associated Bank
, Marine Bank
, The Equitable Bank
, Ledger Bank
, and West Bend Savings Bank
, provided financing from a $9.5 million revolving credit fund created for site acquisition and construction financing.
JS Online: Affordable housing getting pushed beyond suburbs
In Waukesha County, land prices and density requirements in most communities make it difficult to build affordable housing, said Scott Fergus, executive director of C-Cap, a non-profit group that develops affordable housing in the region.
"In Waukesha County, the price of land is about double what it is in Jefferson County, and that's for single-family residential housing.For multifamily housing like condos, the price blows through the roof; it's about three or four times higher," said Fergus
, whose group now is developing an affordable housing subdivision on the eastern edge of Watertown in Jefferson County.Fergus
and others define affordable housing as any home that a family with an average income of $50,000 could afford.Generally, that would put the price of a home and lot combined at $140,000 to $150,000.
A family's first house
said Phoenix Heights, with 75 homes on 16 acres that once housed a foundry, was made possible because city officials created a tax incremental financing district to pay for infrastructure improvements.The city also allowed greater density of homes and relaxed some zoning codes to facilitate development of the brownfield that was not considered prime real estate in 1999, when the project began.
It is becoming harder to find any land in Waukesha, Ozaukee and Washington counties on which to build a development like Phoenix Heights, he
said.In addition to its Watertown project, C-Cap
also is developing a condominium project in Walworth County.
Filling a niche
Just four miles west of Oconomowoc near the county line, Stonewood Companies
Realty of Hartland is building a 64-home subdivision in the Town of Ixonia in Jefferson County.