Carroll University has acquired an old industrial property next to its Waukesha campus that is viewed as a prime redevelopment site.
Carroll acquired the 1.8-acre site at 211 Maple Ave. from an affiliate of Middleton-based developer T. Wall Enterprises Mgt LLC for $1.75 million, state records indicate.
The property contains a 51-year-old, 32,300-square-foot industrial building, according to online listings. But the property is marketed as a "fantastic development opportunity" in downtown Waukesha, next to the college campus.
A Carroll official said the university could incorporate the property into its long-term growth plan.
"Growing our academic programs, our graduate enrollment and our physical footprint are all initiatives in our strategic plan, Pioneer Driven," Cindy Gnadinger, president of Carroll, said in a written statement in response to an inquiry from BizTimes Milwaukee. "As Wisconsin’s first institution of higher education, celebrating our 175th anniversary, this new property will allow us to make decisions for Carroll’s future to ensure we will be here for another 175 years to come."
Representatives of T. Wall were not immediately available for comment.
Jeff Fortin, Waukesha senior planner, said the city has not spoken with Carroll University yet about its acquisition or intended use of the site.
"However, it has been on our radar for redevelopment since T. Wall had originally proposed apartments on this property back in 2014," Fortin said in an email.
He added the city's Redevelopment Authority has also identified the site as a "redevelopment priority area."
It also lies within an existing tax incremental financing district. The property has an assessed value of $549,500, according to county records.
Waukesha Common Council members denied a rezoning request from T. Wall in early 2015. This would have allowed an apartment project to move forward there.