Jewel sells Waukesha land to Milwaukee developer hoping to lure specialty grocer
By: Sean Ryan, Milwaukee Business Journal – February 2, 2016
A Milwaukee developer is seeking a specialty grocer for a project with retail and restaurants on almost 30 acres along Highway 59 in Waukesha.
An affiliate of LCM Funds LLC bought the 29.3 acres of vacant land at Highway 59 and Saylesville Road for $1.1 million from Jewel Food Stores Inc., according to state records. The site historically has been considered for other grocery stores, but no project ever came to fruition there.
The buyers got the land for a good price, and can wait for the right opportunity to come along for a development there, said Jon Thoresen , president and principal with Milwaukee-based Commercial Property Associates Inc. Thoresen represented the seller in the land deal that closed last week, and is the leasing agent for the land under its new owners.
Thoresen said the land will be marketed for a specialty grocer, and the goal is to “look outside of the normal line-up” for other surrounding businesses, such as locally owned restaurants. The buyers also will sit down with Waukesha elected officials to get input on the property’s future, he said.
“The buyers feel that the southwest side of Waukesha is steadily growing,” Thoresen said. “It has five of the wealthiest ZIP codes in Waukesha County within a few minutes of this site.”
Waukesha officials last year considered a tax incremental financing district that would supply $1.2 million to support development of the former Jewel Food property. At that time, discussions were over an estimated 87,000-square-foot retail development. Thoresen said there are no active discussions over TIF support with city officials.
David Winograd of LCM Funds was not immediately available for comment. The developer has been active in Milwaukee’s Walker’s Point neighborhood, most recently gaining approvals for a 12-story riverside building with 164 apartments on South Water Street.
Original story can be located here.
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