The City of Mequon will decide which developer will be offered a chance to purchase 13.4 acres of prime real estate for $1 by the end of the month.
The city has narrowed the pool down to three companies: WiRED Properties, Milwaukee; Shaffer Development LLC, Mequon; and United Financial Group Inc., Mequon.
The company chosen will be expected to immediately begin developing a mixed use development, just east of Mequon Road and Buntrock Avenue, with high-density residential on the north end and an office, retail and hospitality commercial development on the remainder of the property, said Joe Eldredge, a vice president of Colliers International | Wisconsin, who is the broker representing the city. The site is zoned “town center” and the city’s master plan calls for a high quality mixed-use development.
“We want shovels in the ground by spring,” Eldredge said. “The intent with the RFP is to generate the highest amount of property tax as soon as possible. The city is looking for development worth $25 million to $30 million with this project.”
The three firms will be interviewed by the city’s Economic Development Board and members of the Mequon Common Council on Oct. 28 and a recommendation will be made to the full council at the council’s November meeting.
The council would like to send out a letter of intent by Thanksgiving, Eldredge said.
This development will be similar to the Mequon Town Center development, which is located immediately east of this property and nearly complete, Eldredge said.
Mequon Town Center, which is being developed by WiRED Properties, includes 36,000-square-feet of retail and commercial space and a 28-unit high-end apartment. Tenants at the Mequon Town Center include Colectivo Coffee, Café Hollander, The Ruby Tap and Elements Massage.
