A 145-acre development proposal in the village of Dousman in western Waukesha County is moving ahead with the development firm's purchase of a majority of the project site.
Brookfield-based
MLG Capital is proposing a residential development southeast of Highway 18 and Highway 67. Upon completion, the development could include more than 140 single-family houses, 300 apartment units, condominiums and commercial buildings.
About 26 acres would be preserved as a conservancy area, maintaining some of the rural woodland character of the area, which has a stretch of the Glacial Drumlin State Trail running through it.
An MLG Capital affiliate purchased about 85 acres of the project site recently for $1.65 million, state records show.
This comes after the firm received approval from the Village of Dousman for $27.7 million in tax incremental financing for the project in September.
According to the term sheet included with the TIF proposal, the development would increase the property's value to about $95 million by 2036. The TIF money would be used to extend sewer lines and improve Grove Street, Bukovich said. The financial package will also include $14 million in developer incentives for the various types of construction within the 145-acre site.
MLG has also secured approval for its concept plans and preliminary plat approvals, according to village documents.
Strictly speaking, MLG wouldn't be the sole investor of the parcel, which was owned by the Lad Lake youth counseling organization. The plan envisions home builders investing in construction and lot sales or leases to users.
In its Talbot's Woods development, MLG would offer 143 lots to builders of single-family homes — either to individual homeowners or homebuilding companies interested in multiple lots, ranging in size from 12,000 to 23,000 square feet.
The real estate company's role in the remaining land — 13 acres of "general residence" homes (mostly low-density condominiums), 19 acres of multi-family apartments (maximum 15 units per acre) and 9 acres of "highway business" commercial buildings — would be to attract other developers.
