23 Acres Across from Oak Creek IKEA Site Fails to Attract Qualified Bidder At Auction

OAK CREEK -- Oak Creek is booming with development, but a prime site across from the future Ikea failed to draw any qualified bidders at a recent auction.

According to the Milwaukee Biz Times,the 23-acre site, north of Drexel Avenue on the east side of I-94, was to be sold at a receivership auction in Madison in early June, but there were no qualified bidders, said Scott Yauck, president and CEO of Cobalt Partners, who considered buying it.

The minimum asking price for the land was $4.5 million, which Yauck believes is too much. The parcel includes several acres of wetlands, the Biz Times reported.

Oak Creek Mayor Steve Scaffidi said he is confident someone will develop the property in the near future.

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https://www.biztimes.com/2016/...