Cobalt Partners closed on about 20 parcels of land this week in Greenfield for a mixed-use development along Interstate 894.
“We will be starting site work within the next month and are planning on spring construction,” said Scott Yauck, president and CEO of Cobalt Partners said in an interview Monday night.
The name of the development will be released next week, Yauck said.
Plans for the 40-acre site at I-894 and South 84th Street include more than 300,000-square-feet of retail shops and restaurants, as well as a possible hotel and 350 market-rate apartments.
Steinhafels was the first retailer to announce it would build a new store within the development, which will replace the existing Steinhafels store at 8400 W. Layton Ave.
Yauck said he has gotten a lot of national retail interest, including tenants that would be new to the Milwaukee market and big-box retailers. A fitness facility could also be added, Yauck said.
The project will take about three years to complete and a hotel could be added in 2018, if market demand warrants it, Yauck said.
The project will be similar to the White Stone Station development in Menomonee Falls, Yauck said.
Cobalt Partners is developing White Stone Station within the 65-acre former industrial area west of the interchange of US 41/45 and Pilgrim Road. Retail tenants for the development include Costco, Ulta Beauty, Sports Authority, Ross Dress for Less and Home Goods. The development also includes 320 market-rate apartments.
The Greenfield development has only been in the works for one year, a timeline Yauck said is typically unheard of.
“Things have really lined up,” Yauck said. “This project has been very exciting. We’ve been pleased with the level of support from the homeowners and all the stakeholders.”
The site has been on the city of Greenfield’s radar screen for redevelopment for 20 years and has been looked at by many developers, who were unable to put a deal together for a number of reasons, said Richard Sokol , director of neighborhood services, for the city.
“Cobalt Partners was able to use some of that experience and assemble a very exciting project for the future of Greenfield,” Sokol said. “We think that this 40 acres is going to be a strong compliment to an already strong commercial development that surrounds the Southridge Mall area and will help provide new shopping, restaurant and commercial opportunities for people throughout the southwestern portion of the metropolitan area.”