A new residential and commercial building is not being constructed on the water, but at the water, inspiring the building’s name.

Lakestone Properties began construction of The Atwater, 4719 Farwell St., in late December to have residential and commercial space available for rent.

Phase one of construction is expected to be completed in spring of 2021.

The semiluxury multifamily building will house 47 studio, one-bedroom and two-bedroom apartments with an in-unit washer and dryer and a private balcony or patio. It features underground parking, a fitness center and a community room.

Several individuals have already inquired about preleasing apartments.

Estimated rent for a two-bedroom apartment ranges from $1,295-1,395, a one-bedroom ranges from $1,070-1,095 and a studio ranges from $875-925.

On the first floor, three to six businesses can rent the 2,200 square feet of commercial units with patio space. Building signage will face Farwell Street.

“Our goal is to get some kind of larger user in that as an anchor, and kind of work around there,” Lakestone Properties co-owner Brian Spanos said.

Phase two is a single-story commercial building up to 12,000 square feet.

Lakestone Properties has already had multiple conversations with potential users interested in renting part of the space and is working with one on designs. They are considering the needs of McFarland with possibilities of adding more restaurants and a wine bar.

Phase two construction could begin this spring and open in the spring of 2021. Lakestone Properties would like to have 50-60 percent of phase two preleased before starting work.

Crews began moving dirt in late December and plan to complete preparation work and start building walls in mid-January.

Spanos said they are working with a “clean slate” and can direct construction based on interest level and the type of users who would occupy the space.

Lakestone Properties wants to design The Atwater with a water theme in mind, possibly portrayed with art or building colors to pay homage to surrounding lakes.

“It’s a name that wasn’t used in Dane County, and we just felt it represents Lake Waubesa and being near the water,” Spanos said.

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