Pleasant Prairie officials have tapped Milwaukee-based F Street Development Group to explore developing a mixed-use project as part of the community's sprawling Village Green Center neighborhood.
Village leaders have laid out a master plan for the 180-acre development, which could include civic, commercial, office and various residential uses with up to 1,300 new residences. The development site is generally located at Springbrook Road, 39th Avenue, and State Highway 165.
On Monday, the Village Board took another step in the Village Green Center's development when they approved an exclusivity agreement with F Street Development for developing a central portion of the site.
F Street Development is a division of F Street Group, which also has divisions in hospitality, investments and F Street West, an industry-specific division with investments in Colorado and Oregon.
The agreement provides both the village and F Street an 18-month window to determine the feasibility of constructing a mixed-use project containing both rental units and retail space.
“F Street Development Group is excited to work in partnership with the Village of Pleasant Prairie to help create a stunning housing development, with first floor retail, for the newly planned downtown community,” Scott Lurie, founder and president of F Street Group, said in a statement. “The vision for this amenity-rich housing will be to enhance the new VGC and to provide residents with a modern mixed-use residential lifestyle.”
As part of the agreement, the village will not market the central portion of the Village Green master plan, and F Street Development has agreed to conduct a market study to determine the site's physical and financial feasibility, according to a news release.
The agreement timeline allows the village to complete its master plan concept and enacted a planned development ordinance. The plan is for the two parties to enter a formal development agreement by Dec. 31.
"The development of this central site would be a catalyst to the entire VGC, and this agreement brings the village one step closer to realizing the community vision for a downtown," Nathan Thiel, Pleasant Prairie village administrator, said in a statement.
Planning for Village Green began in January 2019, when the village hired a consultant to lead a series of resident discussions. The so-called citizen committees held a public open house in July 2019 where the committees presented their ideas. In October 2019, Pleasant Prairie contracted with Milwaukee-based Rinka to develop a concept master plan. That concept was presented in June.