Milwaukee-based real estate development firm Cobalt Partners announced that a Costco store will anchor a mixed-use development, called Whitestone Station, that it plans to build on a 65-acre former industrial site located west of the interchange of US 41/45 and Pilgrim Road in Menomonee Falls.
Several other retailers and restaurants in the development will be announced at a later date.
In addition to multiple retail buildings, Whitestone Station will include approximately 320 market-rate, high-end apartments to be developed by Milwaukee-based Fiduciary Real Estate Development. In late 2013, the Wisconsin Athletic Club and Froedtert Health opened a state-of-the-art sports medicine and fitness facility within the development area.
“When complete, this project will be one of the largest brownfield redevelopments in southeastern Wisconsin and an example of a public-private approach to such redevelopment,” said Scott Yauck, Cobalt Partners president and CEO.
The project team also includes Milwaukee-based Rinka Chung Architecture, which is handling significant planning and design responsibilities, and CBRE, which is leading the sales and leasing efforts.
Construction activities have begun on the site with demolition of some of the former industrial buildings there. Construction of infrastructure will follow thereafter, according to Cobalt Partners.
Groundbreaking of some buildings may occur as early as this fall.