Cobalt Partners LLC's acquisition of an old park-and-ride lot means the developer now controls all 26 parcels that make up its latest massive development district in Greenfield.
Milwaukee-based Cobalt is working to
redevelop roughly 40 acres of vacant lots and buildings at the Loomis Road I-894 interchange into retail, offices, medical facilities, recreational entertainment space, multi-family buildings and a hotel. The plans include a
community ice arena.
State records show a Cobalt affiliate this week acquired the 16.6-acre lot from the city for $2.84 million. This was after the city first acquired the site from the Wisconsin Department of Transportation.
Scott Yauck, president and chief executive officer of Cobalt, said this the final parcel of the 26 that make up the overall project site, "marking a milestone in the project."
"The city had been working for many years toward the acquisition of this key, 17-acre parcel, which will now come onto the city's tax rolls," Yauck said in an email.
Greenfield is facilitating the development through $18 million in tax incremental financing.
Demolition work is well underway at the development site, said Yauck. Vertical construction is planned for later this year and in the spring on the office and multi-family components.
Cobalt has some commitments from office users in place, though Yauck did not identify them. An operator of the future hotel has also committed to the project, but that commitment is conditioned on some of the other project components advancing as planned.
The project in many ways resembles the other suburban mixed-use districts Cobalt is known for. Previous projects include
84South along I-894, west of South 84th Street in Greenfield and
Whitestone Station west of I-41 and north of Pilgrim Road in Menomonee Falls.
