The village of Thiensville could spend $9.9 million to assist with the development of a $24 million mixed-use project known as Hawthorne Square southeast of Freistadt Road and Main Street.
Hawthorne Square is being developed by Wauwatosa-based
NexJenn Real Estate LLC partners Trish Ullrich and Maggie Beach. If built, the project would include 89 residential units and roughly 14,000 square feet of commercial space. It was
first revealed in January 2019.
Thiensville could create a tax incremental financing (TIF) district to support the project. According to
village documents, the $9.9 million in proposed TIF spending would be for developer incentives, property acquisition, environmental audits and remediation, demolition, street and utility improvements and professional service, administrative and financing costs.
The village projects the redevelopment will boost property values in the TIF district by $15 million over existing values.
The roughly $3.28 million in developer incentive payments would be provided on a "pay-as-you-go" basis. This means the developer would pay up-front development costs and be reimbursed as the project generates new property-tax revenue.
Property acquisition costs would total about $3.7 million. Various infrastructure work, such as water mains, street lights and streetscaping, would total about $2.92 million.
A
public hearing on the TIF proposal is scheduled for Tuesday evening during a meeting of the village's Plan Commission. Village officials approved rezoning the project site in May.
Ullrich declined to comment on the TIF spending proposal.
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Along with the apartments and commercial space, Hawthorne Square would also include 130 new surface parking stalls and 89 underground parking spaces, and new public green space.
The apartments would consist of 47 one-bedroom, 30 two-bedroom and six three-bedroom units. One commercial building would be 9,500 square feet, and the other would total 4,500 square feet.
The buildings would be built on land surrounding the existing Walgreens store at the intersection.
NexJenn is a real-estate management, development and consulting firm that manages 13 real estate assets and three redevelopment sites.
