Mixed-use development proposed for downtown Pewaukee
Journal Sentinel business reporter Tom Daykin talks about commercial real estate and development.
A new building with retail and office space is being proposed for the village of Pewaukee's downtown, with the developers seeking public financing help.
Siepmann Realty Corp. and Hexagon Investments LLC are proposing the building, with two to three stories, for just under 1 acre located between Pewaukee Lake and the Pewaukee River.
It would use two adjacent vacant parcels, at 125 W. Wisconsin Ave. and 130 Savoy Court, which the developers are holding under a purchase contract, said Scott Gosse, village administrator. The Wisconsin Ave. parcel was once the site of a gas station that has been demolished.
The developers were initially planning an apartment building at that site, said James Siepmann, of Siepmann Realty, but changed their plan when approached by a prospective office tenant.
That prospective tenant, whom Siepmann declined to name, is a Milwaukee-area business that wants to relocate. The business would lease 5,000 square feet, he said.
The developers would build 5,000 square feet of street-level store or restaurant space, Siepmann said, with the possibility of a another 5,000 square feet of offices on a third floor.
Waukesha-based Siepmann Realty and Milwaukee-based Hexagon Investments are seeking around $200,000 in village financing help for the $1 million development, Gosse said.
Those funds would be repaid through the development's new property taxes. Once those funds were repaid, the new property taxes would then go to the village, its school district and other local governments.
Village staffers are drafting a proposed tax incremental financing district to provide those funds. The tax financing district, which would need Village Board approval, is to be reviewed by the Plan Commission at a June 25 meeting, Gosse said.
The developers hope to break ground in September, with the building completed by September 2015, Siepmann said Tuesday.
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Commercial Real Estate News
Indianapolis developer proposes 274 apartments at former Pabst complex
An Indianapolis-based developer wants to build 274 apartments within two separate five-story buildings at the former Pabst brewery complex in downtown Milwaukee.
Milhaus Development wants to develop the units on two vacant lots, at 926 W. Juneau Ave. and 1003 W. Winnebago St., according to new plans filed with the Department of City Development.
Milhaus hopes to begin construction by fall on the $40 million development, said Greg McHenry, director of development.
Check the Milwaukee Assessor’s Office website, which includes tools to look up property assessments.
Find property assessments for other communities throughout the state at AssessorData.org.
The Milwaukee Department of City Development website includes information on the city Plan Commission and Redevelopment Authority.
The Commercial Association of Realtors Wisconsin offers information on commercial realtors and real estate.
The Milwaukee chapter of the Institute of Real Estate Management serves the needs of real estate management professionals
The Wisconsin chapter of the NAIOP Commercial Real Estate Development Association aims to serve developers and owners of commercial real estate.
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