Nearly 300 acres along the east side of Interstate 94 in Pleasant Prairie is slated to become a corporate park, under a $20 million plan that includes 1.87 million square feet of new development.
Stateline 94 Corporate Park would be developed along the east frontage road, between 110th and 122nd streets by Riverview Group LLC, an affiliate of Rosemont, Ill.-based Venture One Real Estate, according to documents submitted to the city.
The proposal includes five speculative industrial buildings. Buildings A and B, on the northern portion of the corporate park, would be 105,000 square feet and 391,950 square feet, respectively.
Building C is 600,000 square feet on about 32 acres. A smaller, 62,000-square-foot building labeled building “D” would be located directly south of building C. Both are along the East Frontage Road.
The largest building would be located along 122nd Street. It is slated to be 716,000 square feet on 35 acres.
The development would be a latest of a growing number of industrial building developments in Kenosha County, and especially in Pleasant Prairie.
“The Wisconsin economic success story continues to steam ahead,” said Jeff Hoffman, a principal with Cushman & Wakefield – The Boerke Co. “There is significant tenant/user interest in the market that warrants the multiple speculative projects that are being considered in the Kenosha County area.”
Venture One Real Estate owns the property. Chicago-based Clayco is the project contractor.
The project will be completed in phases, with the southern-most parcel being built in phase one. Phase two is currently planned to include the two buildings in the middle, along the East Frontage Road.
Phase three would include the two buildings on the northern-most parcel, off 116th Avenue.
“The sequencing of the phases and the configuration and exact sizes of the buildings could change, depending upon market conditions as the park develops,” according to documents submitted to the village. “The build-out schedule assumes a start of construction for Phase I in mid-2018, with subsequent buildings commencing approximately every 18 months thereafter and resulting in full build-out in approximately 2023. This schedule could also change, depending on market conditions.”
The sites are not currently served by utilities and the surrounding road network will need improvements to be able to accommodate the new buildings and serve the needs of occupants, who have not yet been identified.
On Monday, the village will consider creating a $20.3 million financing package in which the developer would reimburse the village over 20 years for infrastructure costs.
The village staff estimates the project will bring an additional 1,250 jobs to Pleasant Prairie.
Venture One representatives could not immediately be reached for comment late Friday.
