Politics & Government
Drexel Town Square At 'Significant Point' After Council Votes
An Oak Creek city official said infrastructure work for Drexel Town Square, at Drexel and Howell, will begin later this year.
The Drexel Town Square project has cleared two major hurdles as the city inches closer to construction at the corner of Drexel and Howell avenues.
The Oak Creek Common Council on Monday signed off on a project plan and financing for the development. With those aspects finalized, City Administrator Gerald Peterson said he expects work on infrastructure at the 85-acre site to begin by year's end.
The project is at a "very significant point" with the bulk of city approvals now in the books, Peterson said. He added that each individual business proposed for Drexel Town Square will still need approvals from the council and Oak Creek Plan Commission.
The only business that has been named to this point is Meijer, which will be built on the east end of the site and serve as anchor.
Peterson said "a number of announcements" could come soon after infrastructure work begins. A couple of names, Bukacek Construction and Brick 3 Pizza, trickled out in February, but it's been all quiet since then.
Plans for Oak Creek's "new downtown" call for a mix of shops, restaurants, offices, restaurants, apartments, public spaces and a new library and city hall.
City will help finance infrastructure
Under the measures the council approved Monday, Oak Creek committed to about $20 million in tax-incremental financing that will pay for infrastructure—water, sewer, grading, lights, streets—at Drexel Town Square, Peterson said.
TIF is a mechanism which allows municipalities to borrow money for infrastructure improvements, and use the increased tax increment the improvements help generate to pay off the loans.
Given its financial support for the project, Oak Creek will also receive a portion of land sale proceeds once Wispark hits a certain rate of return on its investment, according to a Milwaukee Business Journal report.
The council also on Monday approved the zoning district for the project, called Drexel Town Square Mixed Use Planned Development. The district has a detailed plan and requirements for Drexel Town Square businesses—from how big a sign can be, to environmental-related aspects to architectural standards.
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