Siepmann Realty Corp. plans to build a two-story, 10,000-square-foot building with retail or restaurant space on the first floor and office space on the upper floor at 125 W. Wisconsin Ave. in downtown of the Village of Pewaukee.
The project is planned for a pair of adjacent vacant parcels that total about one acre including a parcel at 125 W. Wisconsin Ave., which is across the street from the beach and a condominium building, and a parcel at 130 Savoy Court on the Pewaukee River. Both parcels are owned by Layton State Bank.
The Wisconsin Avenue parcel was previously occupied by a gas station that was torn down about 8 years ago, said Village Administrator Scott Gosse. The bank is working through the state Department of Natural Resource’s Petroleum Environmental Cleanup Fund Award program to remediate the site, Gosse said.
The building planned by Siepmann would be built on the Wisconsin Avenue parcel. It would have parking in the back. The Savoy Court site on the river would have parking and some green space.
Siepmann Realty President Jim Siepmann said his firm has an office tenant commitment for the second floor, which he declined to name, but has not yet secured a tenant for the first floor.
If built this would be the first major new building development project in downtown Pewaukee since Siepmann’s Old Main Street development was built in 2002, Gosse said.
“I think we would have done (another building in downtown Pewaukee) sooner if we had a tenant,” Siepmann said. The project needed to be pre-leased 50 percent to get financing to break ground, he said.
Construction is expected to begin in September and be complete by August of 2015, Siepmann said.
