Oconomowoc takes steps toward Olympia Fields plan for new apartments and entertainment
Within the ever-evolving Olympia Fields, two new developments could further the diversity of an already diverse mix, with the addition of an entertainment complex and a tall residential-and-retail building.
Elevate, a five-story apartment and townhome complex with commercial space on its base, and The Social, an indoor-and-outdoor facility including event space and dining, figure prominently in an emerging tax-subsidy plan that will be discussed ahead of a public hearing on July 2 before the City of Oconomowoc's Plan Commission.
But first, to secure or open the door to any such plans, the city must extend the boundaries of a special development taxing district that birthed Olympia Resort's reclamation in recent years. That will be the focus of the public hearing. Assuming the tax-incremental financing district, which invests property tax dollars generated by new development for certain upfront costs, is approved, both developments would further the financial strength of Olympia Field's ability to generate new tax dollars, officials say.
A 41-page document outlining TIF District 7 revisions at least provides a glimpse of what both developments would look like and feature.
Wangard Partners, the central player in the redevelopment of the old Olympia Resort site just west of Highway 67, plans to build a five-story building with townhomes and 19,000 square feet of retail space on the ground floor and four floors of apartment units above it.
Consisting of more than 100 apartments and nine town homes, Elevate is planned for vacant land on the north side of the roundabout linking Olympia Fields Drive and Pabst Road.
Regardless of the TIF district, Elevate has already been approved for development by the city, but Wangard is also seeking a $6.5 million development incentive payment. The full amount, under the pay-as-you-go financing method, could not be collected until the development is complete.
Its construction would enable Olympia Fields to proceed with future developments, according to city officials.
At the bottom of the ski hill, a hotel and ski chalet once greeted outdoor enthusiasts. Under a conceptual plan, that part of what's now Olympia Fields would be redeveloped into a 60,000-square-foot venue called The Social.
Neumann Developments, a company already involved with home construction projects within Olympia Fields, is partnering with Kevin Havens for a project that would result in "a year-round destination for families, adults of all ages and corporate clients," the developer said in a summary included in the TIF revision document. In addition to dining and event spaces, the grounds would incorporate indoor and outdoor activities.
Outside attractions include sand volleyball and snow tubing. The indoor list includes pickleball, golf simulators, bowling, ax throwing and rock climbing. The Social would also have a full-service restaurant, a sports-viewing venue, a coffee shop, an ice cream parlor and a cocktail lounge.
The plan, presented only in concept and not yet vetted through the city's development approval process, would depend partly on a $6 million development incentive paid up front from the amended TIF district, according to city documents.
Before its financial collapse in 2018, the former Olympia Resort was once viewed as a conference center and hotel, fronted by a modest commercial center anchored by Kmart. Today, it's part of a plan that includes a mix of single-family homes, townhomes, apartments and a beefed-up commercial section that includes a veterans clinic and restaurants, with more on the way.
But Elevate, with its retail bottom floor, and The Social would introduce new elements: higher density residential living in the commercial area and a regional attraction on the resort grounds.
"The continued partnership with Neumann Developments and Wangard provides an opportunity to accomplish the overall objectives of the District to eliminate and prevent the spread of blight and create a high-quality, mixed-use development to fit the context and vitality of the surrounding area," the city said in the TIF amendment document.
Oconomowoc created the TIF district in November 2020 to spur development in what legally had to be declared a "blighted" area of the city, a definition that suggests the private sector was unwilling to invest in an outdated, underutilized and deteriorating property.
The success of TIF District 7 is measured by how much new revenue has been generated above the base amount before redevelopment projects began. According to city documents, the district has generated more than $45 million in incremental tax, which has financed the costs of road, sewer and water main constructions and included incentives for developers.
The original 154-acre redevelopment district was amended in 2023 to include 88 more acres. The second amendment would add 16 acres. Under current projections, the debt from the district would be retired by 2044 as tax revenue builds up.
Contact reporter Jim Riccioli at james.riccioli@jrn.com.
This article originally appeared on Milwaukee Journal Sentinel: Oconomowoc's Olympia Fields may add apartment, entertainment complexes
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