The town of Sheboygan
and Plymouth-based Van Horn Development LLC
have announced plans to develop 99 acres at the Highway 42 interchange with I-43 into a mix of land uses.
According to a news release, the town plans to spend $11.9 million on predevelopment work, while Van Horn will spend more than $48 million on building improvements.
The development is expected to include offices, retail, apartments, townhouses and single-family pocket neighborhoods, along with open spaces and recreational facilities.
Final site design is underway, and should wrap up by the end of the year, according to the release. Construction is slated to begin in summer.
"We studied other mixed-use developments across the United States and took the ideas that would best fit the town of Sheboygan," Chris Merklein, vice president of Van Horn Development, said in a statement. "There is nothing else like it in the area."
The town will spend approximately $4.7 million on land acquisition and $7.2 million on infrastructure. Money will come from a 500-acre tax incremental financing district
it created last year. The town's expenses will be repaid through new property tax revenues generated in the TIF district over the next 20 years.
Daniel Hein, town of Sheboygan chairperson, said the town has been working to redevelop the property since at least 2017.
"We’re excited to work with Van Horn Development to bring this project to life," Hein said in a statement.
Van Horn Development began as a department with Van Horn Automotive Group Inc. Its primary role at the time was to manage various auto dealership properties.
It then branched out to other real estate projects outside the dealership group. Van Horn Development separated from Van Horn Automotive last month. It is focusing on growing its portfolio of real estate and development projects to include single- and multi-family, retail, commercial, industrial and storage.