An affiliate of Nevada-based Dermody Properties purchased the former We Energies power plant site in Pleasant Prairie as the company moves forward with an industrial redevelopment of the site. The $24.1 million purchase divides the property at 8000 95th St. into three lots, where Dermody will redevelop 198 acres. We Energies will retain about 200
An affiliate of Nevada-based Dermody Properties purchased the former We Energies power plant site in Pleasant Prairie as the company moves forward with an industrial redevelopment of the site.
The $24.1 million purchase divides the property at 8000 95th St. into three lots, where Dermody will redevelop 198 acres. We Energies will retain about 200 acres of land, village documents say.
Known as Logisticenter, the Dermody development would consist of the construction of three industrial buildings with 550,000, 620,000 and 1.1 million square feet of space.
As part of the project, 80th Avenue will be extended north and end in a cul-de-sac. The extension will include public sanitary sewer, a storm sewer and a water main.
[caption id="attachment_571879" align="aligncenter" width="1024"] A map of the 198-acre redevelopment site. Map from Village of Pleasant Prairie[/caption]
Dermody Properties intends to own the real estate long-term, leasing the buildings to future tenants, according to village documents.
Pleasant Prairie community development director Jean Werbie-Harris said the remaining power plant structures will be razed.
“It’s an opportunity for the community to grow, from an economic perspective,” Werbie-Harris said. “It’s a great chance to redevelop an old site, that’s always a positive.”
Also included is a proposal for a 2-acre park at the northwest corner of 80th Avenue and 95th Street.
The project will receive tax incremental financing, according to village documents.
Dermody did not respond to a request for more details on the project timeline and financing, but village documents say the first of the three buildings could be completed by January 2024.
