Milwaukee-based real estate development firm Cobalt Partners plans to acquire a shuttered Mequon water park for a redevelopment project.
Cobalt announced Monday that it will purchase the Hy & Richard Smith JCC Water Park, located on a 6.5-acre site at 11015 N. Market St. in Mequon.
“We love the site— its location, size and potential are outstanding,” said Scott Yauck, president and CEO of Cobalt Partners. “Although we haven’t finalized specific plans for the property, we are collaborating with the city and neighboring (property) owners to explore various options. We’re excited about the possibilities this site presents and the opportunity to positively contribute to the community’s vitality."
Cobalt is known for large mixed-use development projects such as 84South and Loomis Crossing in Greenfield, the OneNorth development in Bayside and the White Stone Station development in Menomonee Falls.
The Hy & Richard Smith JCC Water Park shut down permanently at the end of the 2024 season due to financial and staffing challenges.
Cobalt expects the transaction to close in June. The
Harry & Rose Samson Family Jewish Community Center is the property's current owner.
The JCC chose Cobalt to lead the acquisition and redevelopment effort after a multi-month analysis and selection process, according to the announcement.
“Cobalt Partners has a reputation for working productively with municipalities and delivering positive outcomes, even when projects involve executional complexities,” said Mark Shapiro, president and CEO of the Harry & Rose Samson Family Jewish Community Center.
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