Milwaukee-based developer
Cobalt Partners has purchased the final parcel in association with its planned nine-block redevelopment project that could reshape downtown Kenosha.
Cobalt has proposed a $450 million redevelopment of downtown Kenosha's northern end. Plans call for bringing more than 1,000 housing units, 100,000 square feet of retail space, 400,000 square feet of office space, a 200-room hotel and a new city hall to the area.
Previously, Cobalt or the City of Kenosha owned eight of the redevelopment's nine blocks. According to new state records, the firm has now purchased the last parcel at the northeast corner of Sheridan Road and 55th Street.
The firm purchased the property for $1.4 million. The seller was an affiliate of Fond du Lac-based
C.D. Smith, which is Cobalt's construction partner in the redevelopment.
Much of the nine-block project site is vacant or is home to the city's existing City Hall. The last parcel picked up by Cobalt currently has two buildings on it, both used as medical offices, and their associated parking lots.
Cobalt received initial city approvals last year for its downtown Kenosha plans, city records show. A representative with the City of Kenosha said that no construction permits have been pulled yet and site work has not begun.
Representatives from Cobalt were not immediately available for comment.
