The city of Oak Creek plans to acquire a 30-acre parcel at 9006 S. 5th Ave., land along the lakefront that was once occupied by the Peter Cooper Glue Factory.
The city and Wispark, the development arm of We Energies, have been negotiating the purchase of lakefront property north of for some time as part of the efforts to transform the area into a mixed-use development.
The Milwaukee Journal Sentinel reported Monday that Wispark closed on a purchase of 80 acres at the lakefront for $2.3 million. Wispark would then sell the 30 acres to the city; the price has not yet been disclosed.
The Oak Creek Plan Commission will discuss the purchase and make a recommendation to the Common Council, which is expected to vote on the measure April 2.
According to a report to Plan Commission members, environmental investigations and remediation are ongoing. The long-term stability of the bluff is also under review.
The report also says grant funding could potentially cover 50 percent of the acquisition cost.
While a mix of residential, retail and commercial uses are planned, Oak Creek officials say a public park , which could happen in late 2012 or 2013.
In addition to the lakefront, Wispark is involved in the redevelopment of the former Delphi site and a future business park near Howell and Oakwood.