Ryan Business Park May Have 2 Large Suitors: Report

OAK CREEK, WI — This week, Patch reported that an Amazon Fulfillment Center is considering building a facility on land in a proposed business park in Oak Creek.

The developers of that business park, Ryan Business Park, LLC. and Capstone Quadrangle, say that they, in fact, have two "large users" interested in land in the proposed Ryan Business Park, according to a Journal Sentinel report today.

In the report, Mike Faber of Capstone Quadrangle did not disclose which to businesses were interested, however, did say that his company's plan is to respond to "whatever businesses come forward" in a "first-come, first-served" basis.

Oak Creek officials say the Ryan Business Park is projected to have primarily industrial and compatible uses with approximately 1,100,000 square feet of buildings and an ultimate market value of approximately $80 to $90 million.

TID Pitched

Officials in Oak Creek are considering the creation of a tax incremental finance district in order to fund the project.

A public hearing will be held in Oak Creek City Hall at 6 p.m. on July 24 to get public input on the proposed TID.

Officials in Oak Creek say the purpose of the new district would be to provide financing for new infrastructure and promote economic
development in an area of the City poised for future industrial and commercial growth.

Capstone Quadrangle and its partner General Capital Group, known together as Ryan Business Park, LLC have already purchased or have under contract all the land to create the business park with the exception of one parcel owned by Milwaukee County. March 22, the group obtained Milwaukee County Board of Supervisors approval for a Land Swap to acquire the remaining land. That plan is expected to be executed prior to this matter being considered by the Oak Creek Plan Commission.

The Oak Creek Common Council passed a resolution authorizing staff to begin work on a proposed TID to support the creation of this business park, and in addition passed a resolution on March 6, 2018 approving a term sheet for the Land Swap with Milwaukee County due to City of Oak Creek involvement in the future creation of a joint City-County neighborhood park that will use some of the land involved in the Land Swap.

______________________
Get Patched In:
Stay up-to-date with Metro Milwaukee News with Patch! There are many ways for you to connect and stay in touch: Newsletters and E-Mail Alerts | Facebook | Twitter

File Photo