The Town of Lisbon is looking to redevelop the former Lied’s Nursery property into light industrial use after purchasing the property for $1.7 million.
The town will have roughly 65 acres to work with near Town Line Road and Highway F after returning 6 acres to Jim Forester, the seller, under the terms of the agreement. The full 71.7 acres has an assessed value of $951,800.
Matt Janecke, Lisbon’s administrator, said the town is looking for someone to work with on the redevelopment project, with the goal of finding someone to partner with for the entire property. He said the town could potentially use tax incremental financing and plans to bring sewer and water service to the property.
“I see it as one of the most marketable pieces, if not the most marketable piece, within the Town of Lisbon,” Janecke said.
Forester had sought in February to have Menomonee Falls annex the property. The town then began discussions with Forester about a potential purchase and residents authorized spending $1.7 million for 65 acres in April. The two sides continued to work on a deal throughout the summer and Menomonee Falls approved the withdrawal of the annexation request earlier this month.
Lied’s, which specialized in residential landscaping, was acquired by Germantown-based David J. Frank Landscaping in 2012.