CONSTRUCTION OF KETTLE PARK WEST COMMERCIAL CENTER TO BEGIN
VERONA, Wis. – August 28, 2015 – Verona-based Forward Development Group today announced the successful completion of the real estate transactions necessary to launch the Kettle Park West Commercial Center, a long-planned development in the City of Stoughton.
The Kettle Park West Commercial Center is the cornerstone of the planned mixed-use neighborhood located on the city’s west side at the intersection of US Highway 51 and State Highway 138.
“With today’s real estate closing, we have satisfied all of the conditions in the development agreement with the city, allowing the project to move forward,” said Dennis Steinkraus, development manager at Forward Development Group. “Construction of the streets and utilities for the new development will begin in September and is expected to be completed by the end of 2016.”
The project is anchored by a 152,000 square foot Walmart Supercenter. The first phase of the project also features a Kwik Trip gas station/convenience store and new offices for McFarland State Bank. A fourth lot has been sold to a retail developer with plans to construct a 10,000 square-foot multi-tenant building. More details are expected to be announced in the coming months. Upon completion, the first phase of development is anticipated to generate approximately $34 million of new tax base for the City of Stoughton.
“This new development will help fulfill our goal of providing jobs, goods and services for the citizens of Stoughton,” said Donna Olson, mayor of the City of Stoughton.
The City of Stoughton is providing approximately $4.5M of Tax Incremental Financing to cover the cost of the necessary public infrastructure. Financing for the private development is being provided by McFarland State Bank.
“It is a pleasure to be involved in a project that benefits the City of Stoughton and all of its citizens,” said David Locke, Chairman and CEO of McFarland State Bank.
Future phases of development for the surrounding 200+ acre neighborhood will include an office park, town center, a diverse mix of housing opportunities and more than 30 acres of restored wetland habitat.
Forward Development Group, a full-service real estate development company founded by several seasoned real estate professionals, started planning for Kettle Park West in 2009.