Wangard Partners Inc. is looking to add another 26-unit apartment building to the multi-family component of its
Olympia Fields development district in Oconomowoc.
According to city documents, the Wauwatosa-based developer is looking to rezone approximately 0.63 acres of land at 1375 Royale Mile Road to allow for the construction of an apartment building.
This would be in addition to the building previously approved for Olympia Fields, said
Matt Moroney, president and chief operating officer of Wangard Partners.
The proposed building, plus some tweaks to the original ones, would bring the unit count at Olympia Fields to 187, Moroney said. They would all be market rate, ranging in size from studios to three-bedroom units.
Olympia Fields is being developed at the site of the former Olympia Resort. The sprawling site is to include 420,000 square feet of new construction. It will have apartments, medical offices and other commercial buildings.
Wangard Partners is acquiring the 0.63 acres as part of a pending 11-acre land purchase within the Olympia Fields development site. The city recently acquired this land through eminent domain. The previous owner died and did not leave a will to spell out what should be done with the property.
Moroney said Wangard Partners was the successful, and only, bidder to respond to a request for proposals from the city for purchase of the land.
He said even before its successful bid, Wangard Partners wanted to use a portion of that 11 acres for more apartments. The remainder will go toward commercial uses, he added.
The proposed rezoning and related approvals are up for consideration at tomorrow's Plan Commission meeting. Common Council members would give final approval for the rezoning.
Meanwhile, Wangard Partners is scheduled to close on the land purchase at the end of September, said Moroney.
The former resort has been demolished, and foundation work for the apartment buildings should start in October, Moroney said.
The city is also performing the first phase of its infrastructure work at Olympia Fields. This will provide new sewer and water lines to the apartments and a portion of the commercial building sites, he said. The city will continue installing new utility infrastructure and realigning public streets in coming phases.
The first apartment building is slated to come online Memorial Day weekend. One new building is expected to open each month after, with the final building expected to come online by the end of December 2022.
