Milwaukee-based Cobalt Partners LLC is planning to do another massive mixed-use development along I-894 in Greenfield, this one involving 38 acres at the Loomis Road interchange.
The developer has 23 parcels under contract to purchase around West Loomis Road, I-894 and West Layton Avenue, according to a city report. And while Cobalt has not submitted a site plan outlining specifics, it expects the development to include "an array of potential uses," the report states.
Those uses include:
- Up to 400,000 square feet of retail, office and medical uses north of the interchange, with future buildings reaching five stories in height.
- Up to 300,000 square feet in recreational and entertainment also north of the interchange, reaching four stories in height.
- A hotel of up to 130 rooms and five stories tall either north or south of the interchange.
- Multi-family of up to 600 units and four stories tall with underground parking on either the north or south side of the interchange.
- Up to 160,000 square feet of additional retail, office or medical uses south of the interchange reaching five stories in height.
- A gas station with convenience store and car wash south of the interchange, north of Layton Avenue.
- A billboard on either side of the interchange.
Cobalt has requested the city rezone the site to allow for the development to take place. A public hearing on the proposed rezoning is slated for Dec. 15.
The city's Plan Commission on Tuesday endorsed the rezoning, community development manger Kristi Porter confirmed in an email. The proposal heads next to the Common Council, which has final say. The city staff report recommended council members approve the rezoning.
Cobalt needs the site to be rezoned before it moves forward with the purchase of land, the city report states.
The development site includes a 16-acre park-and-ride lot. The city has signed a memorandum of understanding with the Wisconsin Department of Transportation to control the parcel, and Cobalt is under contract with the city to purchase it.
The city could also be putting some of its own money toward the project. The land falls within an existing tax incremental financing district, and the city report states the Common Council at a future date will consider a development agreement with Cobalt on TIF spending.
Cobalt is now working on rough site plan layouts. Once it has a draft plan, it will bring it to the Plan Commission for conceptual review, according to the report.
In an email, Scott Yauck, president and chief executive officer of Cobalt, said he anticipates work commencing by the late second quarter of next year. Vertical construction on certain components of the projects may then start in fall 2021 with some buildings coming online in 2022.
"We believe that this is a very high visibility, accessible site that will also benefit from the planned reconstruction of the Loomis Interchange and reconstruction of Layton Avenue from 27th (Street) to Loomis Avenue," Yauck wrote. "We are working in public private partnership with the city on a comprehensive mixed-use redevelopment plan, with an emphasis on recreational and entertainment uses."
Although specifics need to be worked out, the project will likely resemble other suburban mixed-use projects Cobalt has developed in recent years. They include
84South along I-894, west of South 84th Street in Greenfield and
Whitestone Station west of I-41 and north of Pilgrim Road in Menomonee Falls.
