WAUKESHA - Just
under two weeks after the Common Council approved final plans
for the redevelopment of the former Kmart site, Iowa-based
Lockard Development announced Monday it had completed the
purchase of the property located at 120 E. Sunset Drive.
The site has
sat vacant for three years, but Lockard plans to begin
construction Thursday with an opening date tentatively scheduled
for fall 2015.
excited to be renovating a space that has been a blight on an
otherwise bright community,” Lockard President Robert Smith
said, noting that Dollar Tree and Xperience Fitness had already
signed leases for the building.
believe we can bring a tenant mix to Sunset Crossing that will
complement the local economy.”
price was not disclosed and the transaction was not yet
reflected in online state real estate records.
approved creating a tax incremental financing district on the
site in November.
22 will include an upfront incentive payment of $2 million and a
$600,000 pay-as-you go TIF that will be paid back as the tax
value is realized.
The site is
assessed at $3.7 million, but the developer’s agreement includes
a provision that the value will increase to $13 million.
have described the projected as a $14 million endeavor that will
renovate the 115,000 square foot building, build a 10,000 square
foot addition and add two new out-lots.
president of Milwaukee-based Endeavour Corp., Lockard’s
development partner on the project, said the area has been
seeing “tremendous investment.”
retailer Meijer recently completed the purchase of land for its
planned store at the southeast corner of Sunset Drive and Tenny
hit a brief snag earlier this month when the Plan Commission
voted to send it back to the drawing board for a more
returned a week later with new plans that gained approval from
the commission and Common Council.
Asked if the
setback put the project in danger, Lockard’s Smith said the
company was pleased to be working hand-in-hand with the
community on a project that would meet the company’s mission to
“enhance the quality of life in the communities we serve.
the diligence of city staff and all involved in helping make it
possible for the project to proceed,” he said.