Last updated on May 15th, 2019 at 04:50 pm
A business park on Main Street in Menomonee Falls being proposed by Cobalt Partners could receive more than $18 million in village financing.
Cobalt announced in November it was purchasing the von Schledorn Auto Group dealership properties comprising of more than 20 acres with plans to redevelop the sites into an office campus.
The car dealership will move north of the Main Street to two newly-constructed International Autos GMC-Buick and Volkswagen buildings. International Autos purchased the dealership in summer, said Mark Fitzgerald, village manager.
“They will operate at the current location until the new buildings are complete,” Fitzgerald said. “Construction should begin this year.”
The former von Schledorn dealerships are currently situated at the I-41 and Main Street interchange. The entire TIF area would include 57 acres of light industrial buildings that would be redeveloped and the vacant land north of Main Street.
So far, Cobalt’s proposed $50 million office park is the largest development announced, although few details have emerged about what Cobalt is planning.
In November, Cobalt CEO Scott Yauck said his office park would include a “reimagined” workplace campus that would offer a “vibrant, flexible, collaborative, and amenity-rich environment intended to enhance the ability of businesses to attract and retain top talent.”
When asked for more details last week, Yauck did not respond. The development will likely occur over two to three years as the new dealerships are being built.
Fitzgerald some more development plans will be brought forward this fall.
During the first phase of the 57-acre development, the village will contribute $17.9 million. The total TIF is $18.6 million.
The village plan commission will review the project plan for the amended TIF district Sept. 11. It will be considered by the village board on Sept. 17. Individual developments will be reviewed by the village separately.