The village of Pleasant Prairie could spend about $12 million in support of a massive mixed-use development that Milwaukee-based
Fiduciary Real Estate Development Inc. is pursuing southwest of Highway 50 and 104th Avenue.
Fiduciary
plans to develop 459 units of housing and approximately 133,300 square feet of commercial space on 112 acres south of Highway 50, west of 104th Avenue, north of 79th Street and just east of I-94.
According to
village documents, Pleasant Prairie officials will consider establishing a tax-increment financing (TIF) district that encompasses the project site. The proposed $12 million in TIF spending would pay for infrastructure improvements such as new roadways, traffic signals, turn lanes, storm sewers, sanitary and water mains, site access points and other related work.
The infrastructure work would be done in two phases. The majority of the the work, save for one street extension, would occur in phase one, and would commence in April with anticipated completion around October. The start date to phase two work is dependent on the developer's schedule, but is estimated to finish by 2023.
In return for its investment, the village anticipates the project will generate approximately $91.3 million in new property value over a period of 20 years.
Fiduciary specifically plans to build 300 multi-family units, 159 units of senior housing, about 45,000 square feet for medical office space, 3,000 square feet for financial services users, 13,100 total square feet of restaurants and 72,200 square feet of retail space. The retail space includes 62,000 square feet for a retail anchor, according to village documents.
The TIF spending proposal will be taken the
Pleasant Prairie Plan Commission on Monday evening, during which time commissioners will vote to approve a related resolution and schedule a required public hearing on the district's creation. It also needs approval from the Joint Review Board and Village Board. The village anticipates the district will be created in November, assuming approvals are met.
