Brookfield-based Simon Group Ltd. has reached a tentative agreement to purchase the 174-acre historic St. Coletta’s campus in Jefferson, and plans to create a 30-acre commerce center and develop 40 acres of condominiums and 100 acres of single family homes.
Brookfield-based Simon Group Ltd. has reached a tentative agreement to purchase the 174-acre historic St. Coletta’s campus in Jefferson, and plans to create a 30-acre commerce center utilizing the historic buildings on the campus. Simon Group is also planning 40 acres of condominiums and 100 acres of single family homes.
"The Simon Group looks forward to working with St. Coletta of Wisconsin and the City of Jefferson to create a prosperous mixed use development in which people can live, work and be entertained," said Scott Simon, president of Simon Group. "Our goal is to maintain the character and architectural integrity that St. Coletta embodies throughout the Sanctuary Ridge development." The campus is located on Highway 18 on the east side of Jefferson. It is about a 30 minute drive to Madison and Brookfield.
Simon Group is in early discussions with city officials about tax incremental financing for the project. "This is an ideal project for TIF funding," said Jefferson Mayor Gary Myers. "There are no developer subsidies being requested, just infrastructure. Because St. Coletta is tax-exempt, the current tax income to the city is zero. All tax growth generated from the project will be positive and this project should fund itself easily."
The sale agreement was brokered by Milwaukee-based Colliers Barry. The terms of the sale allow Simon Group until early June to complete engineering, environmental feasibility and economic studies prior to closing.
The property sale involves just 174 of the total 650 acres currently held by St. Coletta in the Jefferson area. St. Coletta plans to eventually relocate its headquarters to adjacent property. St. Coletta provides care for disabled individuals. It has been shifting its business model in recent years from an institutional approach to a community-integrated approach. Patients receiving residential services now live off campus and are served in community homes.
"The sale is a major component of a planned transformation that has been underway for the past 10 years," said Anthony LoDuca, St. Coletta president and CEO. "We have been developing state-of-the-art community-based residential and vocational/day services for the past decade. Because the campus was such a significant part of St. Coletta’s history, some people have thought that the sale is taking place because our organization is closing. St. Coletta’s is not closing. St. Coletta is very much alive, growing and leading our industry in the care and support of adults with developmental disabilities."
