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2 major Oak Creek real estate projects to start construction this fall Work is to start this fall on two major Oak Creek projects, including a $175 million housing, retail and civic center, after city officials approved $30 million in public financing help for both developments.Wispark LLC expects to begin site preparation in mid September at the future location of Drexel Town Square, which will include a new Oak Creek City Hall and Oak Creek Public Library, as well as a large Meijer supermarket and discount store. The 85 acre development is south of W. Drexel Ave. and west of S. Howell Ave., where the former Delphi Corp. factory was demolished.Also, Wispark is to begin similar work by the end of September at the site of 160 acre Oakview Business Park, west of S. Howell Ave. and south of W. Oakwood Road.The initial work will include building new sewer and water lines at both sites, along with new streets and sidewalks, said Jerry Franke, president of Wispark, the development subsidiary of Wisconsin Energy Corp. Wispark is funded by Wisconsin Energy shareholders, and not by the customers of the company's We Energies utility operation.
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The Common Council on Monday night unanimously approved zoning for Drexel Town Square, and a plan to provide $19.9 million in city funds through a tax incremental financing district to help pay for the project. That money will be repaid through the development's property taxes over several years. Once the city's funds are repaid, those property taxes will go to the city, its school district and other local governments.The council also unanimously approved $10 million in city funds, provided through a separate tax financing district, to help pay for Oakview Business Park.
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Construction work on the new City Hall and library is to begin later this year, Franke said Tuesday. Other Drexel Town Square buildings, including the proposed Meijer, will need separate Common Council approval before construction begins, he said.Wispark and its partners, which include Barrett Visionary Development and Wired Properties, haven't yet identified other prospective stores and restaurants. But Meijer's planned store is attracting other prospects, Franke said.
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About one third of Drexel Town Square's portion nearer to Howell Ave. will include the 191,000 square foot Meijer store.Initially, Wispark planned to have stores no larger than 20,000 square feet. But that plan was dropped, drawing opposition from some residents, because Drexel Town Square was unable to attract commercial tenants without a large anchor store.Along with the new City Hall and library, Drexel Town Square will include more than 600 apartments and 150,000 to 200,000 square feet of commercial space within smaller stores, restaurants and other uses, such as a fitness center and medical offices.Wispark hopes to see 60% of that planned space completed by the end of 2015, Franke said.Meanwhile, construction on the first buildings at Oakview Business Park could begin this fall, or in early 2014, he said. Wispark has some serious prospects that would need buildings in the range of 100,000 to 150,000 square feet, he said.