An affiliate of Brookfield-based developer Somerstone LLC purchased nine acres of vacant land on Capitol Drive in the village of Pewaukee with plans to rezone the property for a retail development.
Meadow Ridge Shops, LLC purchased the property at 1410 Capitol Drive from Capitol Grandview Ventures, LLC for $3.5 million, according to state records.
Somerstone is proposing a planned unit development district and asking the village of Pewaukee to divide the land, at the southeast corner of Capitol Drive and Meadowcreek drive into four parcels, according to plans submitted by Jimmy Rosen, a partner with Somerstone.
The property would then be redeveloped into a shopping center, which would include a 4,960-square-dine-in or fast food restaurant, an automotive facility and a financial institution, according to plan submitted to the village.
Rosen and other representatives from Somerstone could not be reached for comment.
The development is located near Somerstone’s Pewaukee Commons development at 1273 Capitol Drive.
The village’s plan commission meets Thursday to consider the request.
