An aerial view shows the location of a proposed 38-acre development in the city of Greenfield. The view, which looks west, shows Interstate 894 running vertically in the frame, with Layton Avenue to its left. Loomis Road cuts across the image from upper-left to lower-right. The $100 million development would include a hotel, an entertainment/recreational business, gas station and a mix of residential, commercial, retail, office and medical space. The hotel would be located either north or south of the I-894/Loomis interchange. The entertainment space is eyed for a location near the park and ride parcel at lower-right. (Photo: Cobalt Partners)
A proposed development near a busy Greenfield interchange could feature a hotel, recreational/entertainment venue, gas station/convenience store with a car wash, and a mix of residential, commercial and medical space.
The Greenfield Plan Commission Tuesday unanimously agreed to rezone 26 parcels near West Loomis Road, Interstate 894 and West Layton Avenue to pave the way for a 38-acre development by Cobalt Partners.
The development, whose value is expected to exceed $100 million, according to Cobalt, would be built on a large swath of land north of I-894 and east of Loomis, including the 16-acre park and ride parcel, as well as a chunk of land south of I-894, mostly east of Loomis.
The land lies next to the former Turf skatepark, which is in the early stages of being redeveloped into a high-profile skating destination.
According to city documents, Cobalt’s vision for the development includes:
- Commercial/retail/office/medical. Up to 400,000 square feet, north of the I-894 interchange in the vicinity of the park and ride parcel, five stories in height.
- Recreational/entertainment. Up to 300,000 square feet, north of the I-894 interchange in the vicinity of the park and ride parcel, four stories in height.
- Hospitality. North or south of the I-894 interchange, up to 130 rooms, five stories in height.
- Multi-family residential. North or south of the I-894 interchange, up to 600 units, four stories in height with underground parking.
- Commercial/retail/office/medical. Up to 160,000 square feet, south of the I-894 interchange, north of West Layton Avenue, five stories in height.
- Convenience store/gas station/car wash. South of the I-894 interchange, north of West Layton Avenue.
- Billboard. North or south of the I-894 interchange.
Cobalt is working in public-private partnership with the city of Greenfield on a comprehensive mixed-use redevelopment plan, with an emphasis on recreational and entertainment uses, Cobalt President/CEO Scott Yauck said in an email.
He said Cobalt is currently talking with hotel operators that have an interest in an approximately 80-room hotel as part of the overall development.
In addition, Yauck said his company is in conversations with three different entertainment concepts, although he said it’s too early to disclose specifics.
Yauck said the area is an excellent location that will only be enhanced by future road construction.
“We believe that this is a very high visibility, accessible site that will also benefit from the planned reconstruction of the Loomis Interchange and reconstruction of Layton Avenue from 27th Street to Loomis Avenue,” he said.
If all goes as planned, Yauck said work could start by June 2021 with vertical construction on some components beginning in fall of 2021 and uses coming online in 2022.
Earlier this year, the Greenfield Common Council approved a memorandum of understanding with the Wisconsin Department of Transportation to purchase the park and ride land and approved a letter of intent to enter into an agreement with Cobalt Partners to acquire and develop the property.
The proposed redevelopment would be located within the boundaries of the city’s Tax Incremental Finance District (TID) No. 5, created in 2015.
To move forward with the purchase of land, Cobalt needs the land to be rezoned into a planned unit development district.
A public hearing on the proposed rezoning and decision by the common council is set for Dec. 15.
Contact Bob Dohr at 262-361-9140 or [email protected] Follow him on Twitter at @BobDohr1.
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