Construction is steadily advancing on
Pabst 59, a 59-acre mixed-use project in Oconomowoc that combines technology-focused office and industrial space, new housing and retail.
The Pabst 59 site is part of the
Pabst Farms development district and is located south of Pabst Farms Boulevard and east of the Fleet Farm store at 1555 Pabst Farms Boulevard.
Mount Prospect, Illinois-based
Nicholas & Associates and its development arm
Wingspan Development Group initially pitched the Pabst 59 project about two years ago, and have since begun construction on two of the project's three components.
Construction is well underway on the first of four 84,000-square-foot buildings that are part of a technology and innovation hub. The structure’s walls are up, bar joists have been installed, and signature mass timber elements are scheduled for delivery in the next two to three weeks, with a target to complete and deliver the first building by spring 2026.
"We're going to complete that first one so that people can see it," said
Chris Coleman, president of Nicholas & Associates. "It really is going to be different than anything else that's been produced in size and shape. It's going to be an industrial building, but in terms of the finish and the aesthetic, it's going to be more like an office building. It's going to be a statement facility or presence for anybody who chooses to locate their business there."
Nicholas & Associates and Wingspan plan to move their Milwaukee area offices to this building and occupy around 40,000 square feet. Currently, the companies are located in Milwaukee near American Family Field.
[caption id="attachment_618013" align="aligncenter" width="1024"]
One of the buildings that is part of the technology hub at Pabst 59. Image from Wingspan Development Group[/caption]
The rest of the space will be leased out.
Cushman & Wakefield | Boerke is handling leasing for this component of the project.
Coleman said the development team is hoping to attract tenants that may be growing or relocating as part of the
BioHealth Tech Hub and attract tenants that are working in those industries, who might have an interest in being based halfway between Milwaukee and Madison.
"We want to cater to companies who are either at the front edge of industry in general or the front edge of their industry, whatever their space is," Coleman said, naming companies like GE Healthcare as examples.
Residential and retail phases also advancing
In addition to the innovation campus, work is also underway on the residential portion of the project. This phase includes five buildings with a total of 162 apartment units and 40,000 square feet of ground-floor retail space.
All underground utilities have been installed, and foundations are in place for the clubhouse and four multifamily buildings with framing expected to begin within the next four weeks, according to Coleman. The clubhouse is scheduled to be delivered in spring 2026, with the first apartment building coming shortly after.
The retail portion will also feature two fast-casual or quick-service buildings, as well as two “sister” food halls that will serve as part of a larger town center concept. Plans may evolve to include event space as well.
“I think the Lake Country region needs more event space. There's a lot of demand for that,” Coleman noted.
[gallery td_gallery_title_input="2023 renderings" size="full" td_select_gallery_slide="slide" ids="575762,575771,575770,575766,575772"]
Mid-America Real Estate is handling leasing for the retail spaces, and construction will be driven by tenant commitments.
Coleman described Oconomowoc’s retail market as strong, with many high-profile retailers already present, but said there's still room for new entrants and expansion into southeastern Wisconsin.
"There are tenants who are known to the southeastern Wisconsin market, who don't have a presence there, and there are also (tenants) who are looking to expand into the southeastern Wisconsin market," Coleman said.
Pabst 59 is the first major project to start construction on the undeveloped land south of Pabst Farms Boulevard at Pabst Farms in several years. The Fleet Farm store opened in 2018.
"There were a lot of false starts on that property and in the Pabst Farms area, but the market changed, and concepts that were viable at one time were no longer viable," Coleman said. "But we thought it was really important to demonstrate that we were serious and that we were going to activate the property, and that's why we started."
Recently, however, momentum has picked up again as
Costco is planning to open a store next year on a property east of Pabst 59, and an
affiliate of Marcus Corp. has purchased a nearby property, though the company has not announced plans for it.
