An affiliate of Wauwatosa-based development firm Wangard Partners purchased a 3.4 acre site on Highway 20 in Mount Pleasant that could be redeveloped into a restaurant or hotel.
Alpha HE LLC sold the 3.4 acre site at 6940 Washington Ave. to Rosenow Creek, LLC, which is registered to Wangard Partners CEO and founder Stewart Wangard for $1.7 million, according to state records.
Wangard is in active discussions with both a restaurateur and one of the major hotel flags for the site, he said Friday.
“If we don’t find a partner, we will develop it ourselves,” Wangard said. “We think this is a wonderful spot for hospitality.”
The property includes a 14,312-square-foot one-story building constructed in the mid-1980s.
Racine Automotive Group, a used car dealership, occupied the building until August 2017.
Wangard Partners has specialized in apartment and office developments. The property is currently zoned general business.
The village of Mount Pleasant has not yet received any plans from Wangard for the property, said Samuel Schultz, director of community development.
The site is about 5 miles from the site of Foxconn’s planned manufacturing complex.
Wangard has become bullish on Racine County since Foxconn announced its development.
“Racine, Mount Pleasant and Sturtevant will be going through a major metamorphosis over the next five years,” Wangard said. “Foxconn has been following through on the promises it has made. this is not just a major manufacturer, it is a world class leading edge technology company.”
