Life Time Inc. has purchased a site for $7.6 million from an affiliate of Milwaukee-based development firm Irgens Partners LLC at The Corridor mixed-use development in Brookfield for its fitness center.
Deer Creek Development Partners LLC sold the 12.5 acre site at West Golf Parkway and Discovery Drive to LFT Real Estate Company Inc., according to state records.
The Chanhassen, Minnesota-based company announced in February it would enter the Wisconsin market with a 125,000-square-foot facility at The Corridor.
“Very soon the dirt will be disturbed,” said Dan Ertl, director of community development for the City of Brookfield. “All public process approvals have been granted.”
Life Time is a large-format sports, fitness, family recreation and spa center. The company operates 127 clubs in 27 states.
The gym will include an outdoor aquatic center with zero-depth entry pools, lap pools and waterslides. There will also be dance, art, music and tumbling studios available for children, indoor and outdoor cafes, and a full-service salon and spa.
“We are honored to have the best-in-class organization, LifeTime, be part of The Corridor,” said Mark Irgens, CEO and manager of Irgens Partners. “Lifetime provides great value to businesses and residents of Brookfield and is an economic development tool to attract and retain Brookfield companies and residents.”
The Corridor, which is being developed by Irgens, is a 66-acre planned mixed-use development along the north side of I-94, bounded by West Bluemound Road to the north and North Calhoun Road to the east. Other tenants include Dick’s Sporting Goods and Portillo’s. Two hotels, a Holiday Inn Express & Suites and a Fairfield Inn & Suites by Marriott, are also planned.
Irgens has been in negotiations with office tenants, including Fiserv, which has said it is planning to relocate its headquarters.
“We already are working with several corporate office users for a 220,000-square foot building we are planning at Calhoun Road and I-94,” Irgens said. “These users are attracted to this location because of Brookfield’s competitive real estate taxes, friendly business climate, I-94 visibility, neighborhood amenities, site walkability and because of Life Time.”
