Ruby Farms as seen from
Calhoun Road. The proposed The Corridor project will change
the face of this last, large undeveloped property in the key
Bluemound Road corridor.
BROOKFIELD - During a special Brookfield
Community Development Authority meeting Tuesday, David Arnold
with Irgens explained why he believes the proposed mixed-use
development at the former Ruby Farm on Bluemound Road needs
Irgens wants to build about 877,000 square feet
of retail, office, hospitality, medical and wellness building
space on approximately 65 acres of land located north of
Interstate 94, west of Calhoun Road and south of Bluemound Road.
The developer is also requesting tax incremental financing for
the project, but a figure has not been disclosed publicly as the
city and developer negotiate.
During the meeting Monday, Arnold said “The
Corridor” project is not economically feasible without TIF
He explained that the value of the 65 acres is
about $1.4 million currently, but would be valued closer to $143
million once The Corridor would be built. About $2.7 million in
annual taxes from property and hotel room taxes would also be
generated, Arnold said. In addition, approximately 3,000
permanent jobs and 500 construction jobs are projected.
Arnold said there would also be public use
benefits, such as the relocation and upkeep of the Ruby Farm
home and barn, maintenance of wetlands, walking trails and the
development of a needed hotel. Land is also being allocated for
a potential conference center while the need is vetted, Arnold
Ruby Farms as seen from Calhoun Road. The proposed
The Corridor project will change the face of this
last, large undeveloped property in the key
Bluemound Road corridor.
Charles Auer/Freeman Staff
The TIF funds would be used for
development costs, Arnold said, such as engineering,
site grading, road construction, utility extension and
traffic signal installation.
“We believe what we are asking for is a modest
and appropriate TIF request,” Arnold said.
have three zones
The Corridor would include three zones. The first
would have retail stores and restaurants. The second zone would
have medical and wellness facilities and a hotel, while the
third zone facing I-94 would have office buildings. Depending on
what the market dictates, the office space could be three office
buildings with multiple tenants or a large corporate
headquarters or a combination of both.
“(We are) putting Brookfield in the game for
corporate headquarters users,” Arnold said.
The architecture in the first and second zone
would have a hard urban edge, which is what attracts young
professionals, Arnold said.
The historic home and barn would remain on the
property. Arnold said the organization Visit Brookfield has
expressed interest in working out of the home.
CDA member David J. Raysich asked what kind of
interest there is in retail and office space and wanted to know
if Irgens had done a market study. He also threw the figure out
about the TIF request being $10 million. Arnold said they could
not discuss it, but did say it is a modest amount compared to
other developments receiving TIF funds in the area.
Raysich said The Corridor looked like a good
When asked about the construction timeframe,
Arnold said the first building could go up in 2015 and that the
construction is predicted to last five to eight years, but
possibly as long as 10 years.
After a closed session, a consultant to the city
on the project was directed to expand the analysis to include
how much the project would draw in existing Brookfield
businesses - leaving vacant sites - how much financial
projections there would be linked to the buildings, not just the
land valuation increase; and what the size of the office
buildings would be without parking decks.