Milwaukee-based real estate firm Three Leaf Partners, led by Milwaukee Bucks player Pat Connaughton, is moving forward with its latest development in the village of Slinger, a 129-acre development which will be located near the intersection of Interstate 41 and Highway 60.
The development will be mixed-use and include an independent living center on five acres of land, a 66.8-acre business park to be built out in several phases, and a 31-acre commercial development.
The business park portion of the development will be built out in three phases. The first phase will include two parcels of land, one being 6.8 acres and the other 4.5 acres. Phase two will see the addition of 35.5 acres of land to the business park and phase three will add 20 acres. There are also several acres of open space allocated within the development.
The village has approved the creation of a new tax incremental financing district to support the development. It expects to spend about $27.4 million on related project costs including $7.75 million in municipally funded public infrastructure costs and $18.41 million in development incentives. The development is projected to create $133.4 million in incremental value. The TIF district is expected to sunset within 17 years.
“In addition to the incremental property value that will be created, the village expects the project will provide employment opportunities, increased housing options, increased income and sales tax collection, manufacturing activity, and other benefits to the local economy resulting from the purchase of goods and services related to construction and operation of the project,” according to an executive summary related to the development.
Washington County was set to pilot one of its Next Generation Housing developments at the same site, but village of Slinger officials decided to drop that component of the development earlier this year citing troubles finding a builder for the project.
The Next Generation Housing initiative, aimed at creating affordable housing for younger generations, seeks to create 1,000 houses by 2032 with 75% of those new homes priced at less than $320,000, according to the county’s website.
