Milwaukee-based real estate development firm Irgens is seeking nearly $7.6 million in tax incremental financing for The Corridor, the mixed-use project that the firm plans to develop at the Ruby Farm site in Brookfield.
The TIF funds will be used for roads, utility infrastructure, preservation of the Ruby House and Ruby Barn and a recreation trail, according to a report from the city.
The Corridor is planned for a 65-acre site between Bluemound Road, Calhoun Road, I-94 and Brookfield Lakes Corporate Center.
Irgens plans to develop the site with 500,000 square feet of office space, 135,900 square feet of retail space, 183,000 square feet of mixed use space. A hotel, possibly with a conference center, is also planned for project. The total amount of building space planned for the project is 823,000 square feet.
The value of the development planned in the entire project is estimated at $49.3 million by the city.
The northern portion of the site, near Bluemound Road, will have mid-box and outlot retail buildings. The central portion of the site will be mixed use with retail space, medical offices, wellness and fitness centers, and would be the site for the hotel and conference center.
The southern portion of the site is planned for office buildings, which could include multi-tenant buildings or corporate headquarters buildings.
“Irgens looks forward to moving into the next phase of The Corridor mixed-use development project and continuing to work with project stakeholders to make this a great and successful project,” said Mark Irgens, CEO and manager of Irgens. “There still is much work to do in making this a reality and getting the TIF entitlement process successfully completed is important to the project’s feasibility and ultimate success. The Corridor development plan is a commitment to create new and high value, state of the art product and quality development for Brookfield and our tenant clients, the ultimate users of the site.”
Infrastructure construction work at the site and construction of retail space is expected to begin in the spring. The infrastructure and some of the retail space could be complete this fall.