The new store will provide a more contemporary and an easier, single-level, shopping experience than the existing Greenfield store, said Steinhafels president Gary Steinhafel.
“Our new store will feature the key elements that have come to define our store experience: natural light, state-of-the-art displays, and high-quality fashionable merchandise,” he said. “It’s going to make shopping a lot easier. It will be interstate visible.”
For the project, Milwaukee-based Cobalt Partners LLC has assembled 30 acres under contract northwest of West Layton Avenue and South 84th Street along the south side of I-894. The site assembly includes the 10-acre former Champman Elementary School property, a vacant 10-acre site west of the former school property, the existing Steinhafels store property at the northwest corner of Layton and 84th Street and nine single family homes. An additional 10 acres could be added to the site, said Cobalt Partners president and CEO Scott Yauck.
Cobalt Partners plans to build a mixed-use development on the site with market-rate apartments, about 200,000 square feet of retail space and about 20,000 to 30,000 square feet of office space, Yauck said. Details are still being crafted. In addition to the new Steinhafels store, which would be built along the freeway, the retail space could include additional mid-box sized stores plus restaurants and smaller retailers, Yauck said.
The project will be similar to the Whitestone Station project that Cobalt Partners is developing in Menomonee Falls, Yauck said. Whitestone Station is a redevelopment project for a 65-acre brownfield site west of the interchange of U.S. Highway 41/45 and Pilgrim Road. The project includes a Costco store, additional retail buildings and 320 market-rate apartments.
“We want to model (the Greenfield project) after what we’ve been doing in Menomonee Falls,” Yauck said. “We think it’s a similar high-visibility site. We’ve had a lot of success with Whitestone Station, there is strong demand from tenants. We’re very happy with where that is headed. We think there is growing demand for mixed-used developments in a suburban setting. We have been very encouraged by the strong level of interest shown by the marketplace (in the Greenfield project).”
Demolition work for the Greenfield project could begin in 2015 and construction work could begin in early 2016 with tenants moving in during the fall of 2016, Yauck said.
Cobalt Partners is working with Greenfield city officials on the project and could seek tax incremental financing assistance at some point, Yauck said.
Milwaukee-based Rinka Chung Architecture and JSD Professional Services Inc. will lead site design and architectural planning efforts for the Greenfield project. Anderson Commercial Group is leading land acquisition and certain marketing efforts. Selzer-Ornst Company and Marso Construction will provide construction related services.