Olympia Resort sold to Wangard Partners

By Alex Nemec

Dec. 8, 2018

OCONOMOWOC — After almost a year of vacancy and questions surrounding the property, Olympia Resort has been sold to Wangard Partners.

Oconomowoc Mayor Dave Nold said he believes Stewart Wangard’s, the CEO and President of Wangard Partners, redevelopment of the Summit Avenue Corridor is going to be great.

“I think it’s going to be a huge plus for the community,” Nold said. “It could be one of the biggest things to happen to the city of Oconomowoc and I’m excited to see the plans he brings us.”

Nold said Wangard plans on having a mix of things, including making the hotel into an apartment complex.

Olympia, which was built in 1972 as a hotel and conference center, was named in an Aug. 23 foreclosure  filing in which the resort owed over $2.3 million in unpaid principal, accrued and unpaid interest, costs, expenses and fees, the filing stated.

Nold said the Summit Avenue Corridor is one of the most crucial areas for redevelopment in the city.

“That area is ripe for redevelopment and I hope they work together with the surrounding properties to create something special,” Nold said.

He added with all parts of the city receiving redevelopment efforts, now including the Olympia property, Oconomowoc is a good place to be.

“We’re building the tax base and with the lakes, the environment, the school district, our public safety and other things, everything we want to go well is doing so right now,” Nold said.

Nold said the city has meetings with Wangard Partners next week to discuss their plans and direction for the property.

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