Kraus-Anderson completes construction on Waterfair Apartments in Wauwatosa, Wis.
October 22, 2026
Project renovated 8-story hotel into 146 affordable multi-family apartments
WAUWATOSA, Wis. (October 2026) – Kraus-Anderson has completed construction on Waterfair Apartments located in the Wauwatosa Research Park District at 10499 Innovation Drive.
Designed by Continuum Architects + Planners, the 124,072-square-foot renovation and adaptive reuse converted an eight-story, 198-unit hotel and convention space—formerly the Sonesta Hotel—into 146 affordable, multi-family apartments.
The project is located near Wauwatosa Milwaukee Regional Medical Center (MRMC) and the Milwaukee Regional Innovation Center (MRIC). The building fills a market niche by offering more below–market–rate housing close to the high density of jobs in the surrounding area.
“Creating affordable housing presents a significant challenge given current inflationary factors in labor and materials, as well as higher interest rates,” said Patrick Shanahan, co-owner of Samapa Development. “However, the acquisition of the former hotel opened the pathway for the adaptive reuse of the eight-story concrete structure, and mechanical, electrical and plumbing systems that provided a critical advantage for controlling costs and delivering a pathway to more affordable rents.”
Waterfair’s first-floor common amenity floor features 12-18-foot office ceilings and 12-foot storefront glass, providing natural light into the community room, fitness center, media room and coffee lounge. The building also includes conference and study rooms and a large patio and dedicated commercial office space.
“Our team is grateful to the collaboration between Continuum Architects and Kraus-Anderson for their ability to work within the existing structural envelope and implement value-engineered solutions that are essential to fulfilling the project’s mission,” said Satish Kodali, co-owner of Samapa Development.
Construction began in January 2026.
About Kraus-Anderson Companies
Established in 1897, Kraus-Anderson (www.krausanderson.com) is an integrated construction management, real estate and risk management enterprise working independently and in collaboration with a family of companies, including insurance, finance and realty operations. Kraus-Anderson, an EOE/Vets/Disabled employer, is headquartered in Minneapolis, Minn. and has regional offices in Madison and Milwaukee, Wis., Bismarck and Fargo, N.D., Duluth, Bemidji and Rochester Minn., Des Moines, Iowa and Phoenix, Ariz.