An affiliate of Foxconn Technology Group now controls nearly all the land north of Braun Road between Highway H and 90th Street in Sturtevant after closing on the purchase of 91 acres earlier this month.
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The land purchased by Adams Street Development is located just north of Area III.[/caption]
Adams Street Development LLC spent nearly $4.6 million to purchase the land only of a 91-acre parcel located at the northwest corner of Braun Road and 90th Street, according to state records. The parcel, located at 4118 90th St. and previously owned by the Alvin R and Jean R Wilks Revocable Trust, runs nearly the all the way from 90th to the Soo Line Railroad to the west.
The same Foxconn affiliate earlier this year purchased three other parcels located just west of the railroad. Those purchases totaled around 100 acres for roughly $4.7 million. The railroad and a 9-acre parcel owned by the Village of Mount Pleasant are now the only pieces of land not owned by the company along the north side of that stretch of Braun Road.
A Foxconn spokesman did not immediately respond to requests for comment on the purchase.
The land included in the purchases sits just outside the main project area.
Land to the southwest, known as Area I and bordered by Braun Road, Highway KR, I-94 and Highway H, is the site of the company’s main manufacturing campus.
The land directly south of the Adams Street parcels is known as Area III and will be home to a power substation and future expansion for Foxconn or its suppliers.
The land north of Braun Road and to the west of the Adams Street parcels out to I-94 and up to Highway 11 is part of Area II. The company is planning to use that space for future expansion and suppliers.
Land in Areas I, II and III, along with a large stretch north of Highway 11, is part of a $764 million tax increment financing district created by Mount Pleasant to support the project. Those boundaries also coincide with the electronics and information technology manufacturing zone created by the state to award $3 billion in incentives to Foxconn.
Those incentives include $1.35 billion in tax credits for capital expenditures made in the zone. Since the parcels north of Braun Road fall outside of the zone, the company won’t receive any credits for the roughly $9.3 million spent on the land.
Adams Street also spent $1 million last year
to purchase 65 acres in the village of Somers.
Other real estate purchases the company has made around the state also will not qualify for capital investment tax credits. If Foxconn creates jobs at other facilities in Green Bay, Eau Claire
, those positions could count toward the company’s $1.5 billion in potential payroll tax credits.