For the second time in less than a month, Wauwatosa-based real estate developer Stewart Wangard has purchased a site in Pleasant Prairie.
An affiliate of Wangard’s firm, Wangard Partners, purchased 14 acres of land at 10529 65th Ave. $768,000 from Wiza Investments LLC, according to state records.
The site was previously approved by the village a decade ago to be developed into condominiums and improvements were made to the land. However, the project never moved forward.
Wangard said he will work with the village to determine the overall size and density of the project, but it will be apartments.
“There is a tremendous need for housing in that area,” Wangard said.
In late March, Wangard Partners purchased a 6.3 acre site in the LakeView Corporate Park in Pleasant Prairie for $925,000. Wangard said he plans to build a 200,000-square-foot speculative industrial building on the site. Since the purchase, Wangard said he has had at least a half dozen firms contact him with interest for the building.
Construction is expected to begin in the third week of May and be complete by the end of the year, he said.
Wangard said his firm started working on the project when the possibility that Foxconn would be coming to the area was just becoming known publicly. He said the firm decided that the Pleasant Prairie site had great potential whether Foxconn came or not.
“We like the strength of the market from the Illinois border up to Milwaukee,” Wangard said. “We are seeing users coming from outside of the market and we expect to be able to meet the need of many (Foxconn) suppliers.”
