The developer of the proposed Olympia Fields mixed-use project in Oconomowoc is working with the city on project details and securing necessarily approvals ahead of anticipated demolition work in the spring.
Wauwatosa-based Wangard Partners Inc. plans to demolish the former Olympia Resort at 1350 Royale Mile Road and turn the sprawling site into 420,000 square feet of new construction. The project will include apartments, a medical office building and commercial buildings.
Matt Moroney, president and chief operating officer of Wangard Partners, said demolition of the vacant resort could begin in March. Construction of the apartments portion is then slated to begin in the summer.
"It's the gateway to the community of Oconomowoc, and we're bullish on Oconomowoc," Moroney said. "We're trying to create a project that's more walkable and outdoor-oriented as well. We think the mix of uses and the close proximity will create a lot of energy there."
Moroney said initial plans include 144 total apartment units, with six buildings each containing 24 units. They would be two-story walk-ups with private entryways for each. A clubhouse would also be built on site.
Monthly rental rates are expected to be $1,075 for studios, between $1335 and $1,485 for one-bedroom, $1,895 for two-bedroom and $2,250 for three-bedroom units.
The medical office building would total approximately 50,000 square feet.
Shaker Heights, Ohio-based RDL Architects is the project architect.
No specific commercial or medical users have been identified. Moroney said his firm has had discussions with potential users, but they're all waiting to fully commit to the project until after all approvals are met.
There are still numerous details to work out ahead of demolition and construction. For one, the city has to approve a tax-incremental financing proposal. Wangard is also working with the city on a development agreement that will set development standards for the project site, Moroney said.
According to a city report, Oconomowoc would spend about $17.5 million through a new 65.7-acre TIF district to facilitate the project. With interest and other expenses, the total investment amounts to $18.7 million.
The city financing will go toward infrastructure work, land acquisition and payments to Wangard for additional infrastructure and demolition costs.
The Plan Commission is scheduled to vote on the proposal tonight. It would then head to the Common Council and Joint Review Board for additional approvals.
Moroney said individual project components, such as the medical office building, will need additional approvals once Wangard names specific users and submits detailed architectural plans.
Putting in new infrastructure at the site will also be a heavy lift. Moroney said there now exists a mixture of public and private infrastructure, such as municipal electric service and private roads. A new infrastructure network will need to be planned out.
"It's like a giant jigsaw puzzle from that perspective," he said.
The former Olympia Resort closed in 2018, and affiliates of Wangard purchased the site later that year for $3.4 million.