Mount Prospect, Illinois-based construction firm Nicholas & Associates and its sister company, development firm Wingspan Development Group LLC announced that they have acquired 59 acres of land in the Pabst Farms master-planned community at I-94 and state Highway 67 in Oconomowoc, where the firms plan to build a mixed-use development including multi-family housing and commercial space.
An affiliate of Nicholas & Assoc. and Wingspan purchased the land, located north of I-94 and east of the Fleet Farm store at 1555 Pabst Farms Boulevard, for about $12.3 million from an affiliate of Pabst Farms master developer Peter Bell, according to state records.
Nicholas & Assoc. and Wingspan declined to provide more details about the plans but said they would be submitting a proposal soon to city officials for review.
“We are very bullish on Oconomowoc and excited to share our vision for Pabst Farms with the city,” said Nick Papanicholas, Jr., president of Nicholas & Associates. “This is my Wisconsin home, so I have been driving by the property for years, and it would be an honor to add to the Pabst Farms legacy. Our family has 45 years of experience in developing thoughtful buildings that contribute to communities’ quality of life – in fact, we’ve already executed some school projects in Oconomowoc that reflect that philosophy. We plan to bring that same experience to this project and work closely with residents and officials to ensure the results align with local needs for modern live/work/play options.”
Wingspan has developed suburban rental communities in Oak Creek, Brookfield, Tampa, Florida and suburban Chicago. Typical amenities at its apartment projects include outdoor pools, clubhouses with entertainment lounges and coffee bars, fitness centers, pet spas and dog parks, remote work business suites and conference areas and more.
“Our Pabst Farms proposal will build on the region’s growth while adding a sizeable tax base,” said Christopher Coleman, vice president of development for Wingspan Development Group. “We’re excited to breathe some new life into Pabst Farms and are working to establish the right to develop more of Pabst Farms in the future. We look forward to bringing to Oconomowoc the same attention to detail that we have mastered so successfully in our other developments.”
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Aerial view of Pabst Farms in Oconomowoc. Curt Waltz, Aerialscapes, www.aerialscapes.com[/caption]