An affiliate of Pewaukee-based Neumann Development has purchased 228 acres of land in Oconomowoc as the developer moves forward with a proposal to build 622 housing units near the former Olympia Resort, which is being redeveloped.
Neumann recently purchased the land, located along Highway 67, south of downtown Oconomowoc, for $11 million, state records show. The developer also received tax incremental financing from the city last week.
The site for the Neumann project, called “Olde Highlander” is located just west of a separate development called Olympia Fields by Wangard Partners. That project, which has already begun construction, includes apartments, retail, medical offices and a hotel on the former Olympia Resort site.
Development of the 228-acre Olde Highlander site is part of a collaboration between Neumann, which is planning on building 352 for-sale homes, and apartment developer Mandel Group, which is planning to build 270 market rate apartments on the property.
The for-sale homes are a combination of townhome-style and ranch-style duplex condominiums and two sizes of single-family lots, city documents show. These, and the apartment buildings, will encircle the former ski hill.
The ski hill will not be redeveloped for residential uses; rather, developers are proposing the area be redeveloped for privately-owned “family friendly active uses” and “family friendly mixed uses.”
Developers have not released details for those areas yet, but say they will collaborate with the city and neighbors to determine the end uses, according to city documents.
In addition, the building that once housed the ski chalet could be used for commercial purposes. Concepts proposed for the building include a brew pub, an events center and outdoor retailers.
