Somerstone gets OK to buy 23 acres across I-94 from Ikea site in Oak Creek

Judge approves $4.4 million bid for land


Brookfield-based developer Somerstone LLC has received approval from a judge to purchase 23 acres of land across Interstate 94 from Ikea’s future home in Oak Creek for $4.4 million from a court-appointed receiver.

The Ikea site.
The Ikea site.

Somerstone was the only buyer to come forward with a bid on the property. On Wednesday, a motion hearing was held in Milwaukee County Circuit Court on the bid and Judge John DiMotto granted the sale.

Representatives from Somerstone could not immediately be reached for comment.

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This city of Oak Creek has high expectations for the parcel, which is located north of Drexel Avenue, between I-94 and south 13th Street.

Popular furniture retailer Ikea will be the anchor of a large mixed-use development across I-94 from the site, on land west of the freeway owned by Northwestern Mutual Life Insurance Co. The Swedish retailer will open a 295,000-square-foot, single-story store on 29 acres in the summer of 2018.

“There is so much opportunity in that area. Northwestern Mutual still has 100 acres left. There is a lot of interest in that interchange,” Oak Creek Mayor Steve Scaffidi said in a previous interview.

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The Oak Creek property has been part of an ongoing lawsuit involving development companies related to Paul Bouraxis.

Bouraxis, of Franklin, reached a plea deal this summer in a federal tax conspiracy case in which he and other family members skimmed more than $3 million and did not report $1.3 million in payroll taxes from their restaurants. The family owns the El Fuego restaurant and Mad Rooster Cafe in Milwaukee, Omega Burger in Franklin and El Beso in Greenfield.

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