Wangard Partners Inc. ceremoniously broke ground this week on the redevelopment of the former Olympia Resort in Oconomowoc.
The Wauwatosa-based developer plans to turn the 300-acre site into apartments, medical offices and retail buildings. The development, called Olympia Fields, will also have new public roads, recreational paths and trails.
The former resort is located at 1350 Royale Mile Road. It
closed in 2018, and affiliates of Wangard purchased the site later that year for $3.4 million.
“Olympia Fields represents a bright new future for this historic property,” Stu Wangard, chief executive officer and chairman of the board of Wangard Partners, said. “We are thrilled to partner with the city to revitalize this site that will serve as a new gateway for Oconomowoc, bringing new public amenities, significant new tax base and much-needed commercial, residential and office options.”
Olympia Fields will include 144 total apartment units across six buildings. The medical office building would total about 50,000 square feet.
The city is supporting the project with a $18.7 million subsidy. The money comes from a new tax incremental financing district, and will go toward demolition of the existing resort building and new public infrastructure. In turn, the project is to have a minimum of $64.5 million in new investment by 2027.
“The redevelopment and revitalization of Olympia Fields is critically important to the continued growth and success of the city of Oconomowoc,” Oconomowoc Mayor Robert Magnus said.
