Brookfield Corners LLC, the joint venture formed to build The Corners development in Brookfiled, has purchased the 19-acre site for $19.4 million, according to state records.
Brookfield Corners purchased the 11-acre former Menards store site at 20005 W. Bluemound Road from Eau Claire-based Menard Inc. for $11 million and the adjacent 8-acre former West Point Cinema site from an affiliate of Milwaukee-based The Marcus Corp. for $8.4 million.
Brookfield Corners is a joint venture formed between Coleshill, U.K.-based IM Properties, Chicago-based Bradford Real Estate and The Marcus Corp.
The Corners will be a $200 million, 750,000-square-foot retail, restaurant and apartment development on the 19-acre site bounded by Bluemond Road, North Barker Road and I-94. The project will have 400,000 square feet of retail and restaurant space, anchored by a Von Maur department store, and 235 luxury apartments that will be managed by Milwaukee-based Mandel Group Inc.
Demolition of the former Menards buildings and the former West Point Cinema complex is complete. Demolition of the strip mall adjoining the movie theater is also near completion.
Groundbreaking for The Corners is anticipated for mid-April.
“We are very pleased with the continued progress in advancing this landmark project,” said Robert Gould, vice president of IM Properties and CEO of Brookfield Corners LLC. “This is a rare opportunity to develop such a prominent flagship site and the reception that we have received from the retail community is very encouraging.”
