East end development set to continue
February 10, 2014 by James
Representatives of Menomonee Falls have approved the progress of a plan to redevelop the east end of the village for multiple uses. This will be the second phase of the plan.
The Village Board listened as real estate companies talked about how to go forward with developments along Richfield Way, which now stretches near Pilgrim Road.
The first phase for redeveloping an old factory plot, which cost the village $14m, finished its planning stage two years ago. The site is scheduled to include residential and retail spaces in future phases, work on which may start next year.
In charge of this project is Cobalt Partners, a development company from Milwaukee. Its president and CEO, Scott Yauck, is confident that the site has abundant potential due to its size and volume of traffic.
CBRE vice president Peter Glaser agrees that Menomonee Falls is a desirable location for commercial real estate. A Hobby Lobby is set to move into the building that was formerly a Pick ‘n Save.
Craig Raddatz is in charge of the residential portion of development. This phase will consist of three buildings containing a minimum of 120 living units altogether. Residents can expect to pay around $1,400 per month in rent. Raddatz believes that Menomonee Falls needs more housing since more people work there than live there.
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