Menomonee Falls - The village of Menomonee Falls and Kohl's Department Stores officially closed on a real estate transaction Friday morning, the last piece of the puzzle necessary for Kohl's to begin construction of its corporate campus.
The closing came after the Village Board approved the final implementation agreements during a closed meeting Nov. 1, according to Village Manager Mark Fitzgerald.
As part of the deal, the village first purchased a 53,000-square-foot office building at 800 Woodland Prime.
The village then traded that building and three vacant parcels in the Woodland Prime Office Park located on Flint Drive, north of Good Hope Road, between Highway 45 and Appleton Avenue. The parcels are 70 acres, 14 acres and nine acres. These three parcels and the building will eventually be home to a 900,000-square-foot corporate campus, Fitzgerald said.
In exchange, Kohl's gave the deed of its former distribution center, W13901 Woodale Drive, to the village. The four parcels total 89.2 acres in the northern part of Woodland Prime.
"All the transactions consummated this morning," Fitzgerald said. "We've been working on this for a pretty long time and we are very pleased to be at this stage."
There is no word on when construction will begin; however, Kohl's has to provide the village with a commencement notice.
Kohl's has three years to provide a commencement notice to the village that states when construction will begin. Once that notice is received, the village has to begin $13 million of road construction projects within 30 days as a result of the office park growth.
The construction will ultimately be paid for by taxes coming in as part of Tax Incremental District No. 10, where the corporate campus for Kohl's will be located.
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