The Village of Mukwonago is working with an Elkhorn-based developer on a $55 million mixed-use development that could add more than 600 apartments, a hotel, restaurants and entertainment over the next decade.
This week, the Village Board signed a development agreement with Teronomy Builders.
Teronomy will build the 33-acre apartment portion of the development, called Maple Centre.
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The overall approximately 50-acre development will be located on the southeast side of the village near the Interstate 43 interchange.
For now, the village will take the lead on the 16- to 17-acre commercial portion of the development, said John Weidl, village administrator and director of economic development.
Teronomy, which has built apartment developments in East Troy, Beloit and Whitewater, is planning a total of 10, three and four story apartment buildings.
The buildings will include one, two and three-bedroom market-rate apartments. Two of the buildings will be for 55 and older residents.
Phase one will be a total of four buildings, with the developer starting with two, Weidl said.
Of the 33 acres of residential development, 22 acres will be green space, walking trails, clubhouse and pool, fitness center, a dog park, multi-use field, volleyball and basketball courts, playgrounds, community grill areas and a bocce ball court.
The village has specified that the amenities must be built before phase two can begin.
Representatives from Teronomy could not be reached for comment.
For the commercial portion on the west side of the development, Weidl said the village is targeting a hotel in the $119 to $129 a night range, which could include a Hampton Inn or Holiday Inn.
“We would love banquet or meeting space,” he said. “We know from our industrial users that we are sending 1,000 (people a year to hotels) out of town.”
In addition to a hotel, Weidl would also like to add more dining and entertainment to the village.
ProHealth Care is planning to build a $55 million hospital on its Mukwonago campus, and with Wal-Mart, Home Depot and the YMCA, the immediate area surrounding the proposed development employs more than 300 people during the day, Weidl said.
The village also has two tenants for its new industrial park near I-43 and Highway 83. Banker Wire is constructing
a new 182,000-square-foot facility that will be complete in spring 2019 and Waterford-based Triple Crown Products is planning
a new 66,000-square-foot facility.
The commercial development portion of the Maple Center development is located in an existing TIF district. Teronomy will not be given any financial assistance from the village for its part of the development project.
Weidl said the village will begin infrastructure improvements in 2019. By mid-2019, construction is expected to begin, Weidl said.