City of Oak Creek receives $1 million state grant for town square project

Special to The Freeman

March 24, 2015

MADISON – The City of Oak Creek will receive a $1 million grant from the state’s Idle Industrial Sites Redevelopment Program, an initiative that helps spur the redevelopment of abandoned properties throughout Wisconsin.

The grant, awarded by the Wisconsin Economic Development Corporation, will be used to help fund a  550-space parking structure that will adjoin a new medical facility in Drexel Town Square, a mixed-use development now under construction.

The development will include a primary and specialty health care center planned by Froedtert Health, which will become part of Froedtert & the Medical College of Wisconsin health network.

The construction of the parking structure was critical to Froedtert’s decision to locate in the city.

Opening this fall, Drexel Town Square is an 85-acre downtown center located on site of the former Delphi Corp. plant.

The development will include a new City hall and library, a Sheraton Four Points hotel, luxury apartments, and retail and service establishments including restaurants, speciality shops, and a Meijer grocery store.

The City of Oak Creek has committed $5 million toward the coat of the $20.5 million parking structure, and developer HAS Commercial will provide an additional $4.5 million. The city sought funding from the Wisconsin Economic Development Corporation to fill the remaining funding gap.

Construction go the four-story parking structure is expected to begin this fall.