An unnamed entity is attempting to buy hundreds of acres of land in the Town of Port Washington and local officials believe the land could eventually be considered as the future site of a microchip manufacturing facility.
Several landowners west of I-43 and east of the Interurban Trail and have received offers to buy their land, as first reported Wednesday by the Ozaukee Press and later by Fox 6.
The news outlets named Jeff Hoffman, an industrial real estate broker and principal with Cushman & Wakefield | The Boerke Company, as the representative for the potential buyer.
Hoffman declined to comment for this story.
Mike Didier, chairman of the Town of Port Washington, said no formal plans have been presented to local officials and no company has come forward.
Several Milwaukee-area industrial real estate brokers told BizTimes Milwaukee they believe the deal to be in very early stages.
Didier learned residents had been approached by Hoffman, on behalf of the buyer, after hearing directly from the landowners themselves. All of the landowners he’s spoken to have been given information leading them to believe a microchip company is the type of business hoping to purchase the land, said Didier.
“That somehow leaked out and all the landowners are in agreement with that statement,” said Didier. “Of course, watching the news with the CHIPS Act grant, people are kind of putting two and two together, but it’s all speculation ultimately.”
The land is east of the Interurban Trail, generally between I-43, County Highway LL and County Highway P (Dixie Road), Didier said.
“It’s definitely in that LL, I-43 area somewhere,” he said. “I haven’t heard of anyone north of Dixie (Road) being talked to and I don’t know how far south.”
While farmland in the area is usually valued between $8,000 and $10,000 an acre, Didier said he’s had landowners tell him they’re receiving offers for $40,000 per acre – or higher. Some of those landowners have already begun accepting the offers, he added.
“The only thing that appears to be known for sure is that some identity is writing offers to purchase lots of land in that section of the Town of Port,” said Didier.
Paul Krauska, a resident of the town who owns a five-acre farm along Highway LL, said a neighbor tipped him off to the fact that several landowners were being approached by a broker. That neighbor also clued him into the fact that a semiconductor plant was considering the area, according to Krauska.
“Three survey crews were actually out on the property today (Thursday),” he said. “To me, if you’re going to be out surveying, you already know you’re going to be doing this (project).”
Three weeks ago, Krauska said his family received a verbal offer from Hoffman to purchase their land for $42,000 an acre. He rejected that first offer, citing concerns that the land was not being valued appropriately. Krauska also declined a more recent offer to purchase his land, which was made earlier this week.
“My offer didn’t include my basement, so it was 600 square feet short,” said Krauska, adding he’s also in the storage business, so several buildings on his parcel of land generate even more income for him.
“I feel I’m not being compensated for the business that’s operating on the land,” said Krauska. “That’s where the issue comes into play.”
Representatives with the economic development agency Milwaukee 7 declined to comment on the possible manufacturing complex and officials with the city of Port Washington were not immediately available for comment.
