The 38-acre Loomis Crossing development at Interstate 894 and Loomis Road in Greenfield achieved a key milestone on Thursday as developers celebrated the groundbreaking for construction of a 40,288-square-foot medical office building planned for the sprawling campus.
Situated along Looms Road, just north of Layton Avenue, the multi-tenant building is being developed in partnership with Milwaukee-based Cobalt Partners LLC – the lead developer of the
Loomis Crossing campus – and Milwaukee-based
Hammes Partners, one of the nation's largest health care real estate development firms.
The medical office building is projected to be completed in late 2023. The project team includes Milwaukee-based Rinka as the architect and Milwaukee-based CG Schmidt as the construction manager. Milwaukee-based The Boerke Company is leading the team’s marketing efforts.
Several years in the making, the Loomis Crossing development is slated to span both sides of Interstate 894 once plans for the project are fully realized. In addition to the medical office building, the development calls for a 267-unit luxury apartment complex, which is already under construction, a business/logistics park, small-scale retail developments, and a re-imagined TURF skatepark.
“It’s exciting that the interchange and the area surrounding it are finally getting redeveloped in a way that not only helps our future tax base, but also enhances the vitality of Greenfield," said Mayor Michael Nietzke of the project in a Thursday press release. “We appreciate Cobalt’s continued partnership with the city and its commencement of nearly $70 million in development on the southern phase of Loomis Crossing alone.”
With construction staring on the medical office building, and work on the apartment development in full swing, Cobalt Partners said they expect construction on the business park to begin this fall. Construction on retail elements of the development have yet to be determined, and the funds for the construction of the state park are still being raised.
Cobalt is partnering with Milwaukee-based
Joseph Property Development on the apartment project.
Cobalt Partners assembled 21 individual parcels to create the 38-acres campus – 27 north of the interstate, and 11 to the south of it.
Those parcels, half of which had been tax exempt, had a combined value of $6.5 million. When the development is complete, Cobalt estimates the land will be worth upwards of $80 million.
A tax increment finance district created as part of the development process is expected to generate more than $50 million in increment over the life of the district, company officials said.
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