Drexel Town Square welcomes Froedtert Health and US bank; other closings set for spring
The new year started on a most positive note when Froedtert Health announced on Jan. 7, 2015, its plan to open a primary and specialty care health center in the Drexel Town Square. “The Froedtert commitment signals that this is a first class, quality development,” said Oak Creek Mayor Steve Scaffidi.
“We’re pleased to be invited by the City of Oak Creek to be part of this exciting new downtown development,” Cathy Jacobson, president and chief executive officer of Froedtert Health, said in a statement. “Our plans are in the early stages, but I can say with complete confidence that we’re committed to providing health care services that respond to the needs and preferences of this community.” The new health center will become part of the Froedtert & the Medical College of Wisconsin network.
Froedtert will lease part of the 125,000- to 150,000-square foot health care and fitness facility which will be built at the northwest corner of the Drexel Town Square site by Chicago-based HSA Commercial Real Estate.
Medical office space was always planned for Drexel Town Square, but the Froedtert facility “dwarfs what I had in mind,” Jerry Franke, president of WISPARK LLC said. “Drexel Town Square is meant to be a mixture of uses which will generate significant activity and further support retail and restaurant uses that will benefit the entire southeastern metro Milwaukee area.”
The three- to four-story building will include a fitness center run by a separate operator. The facility also will have a parking structure.
Construction of the first phase of the health care facility is expected to begin late this year and take about two years to complete, Franke said.
Commercial interest in the DTS development continues to grow. In late 2014, US Bank purchased the lot just south of Water Street Brewery for a bank facility at the DTS site.
There will be a number of closings in March / April 2015 that will result in significant construction this year, including the Sheraton Four Points Hotel and Blair Williams / WiRED’s Main Street apartments and retail buildings, as well as several projects that have not yet been announced. Those will be announced as they become public in conjunction with the Plan Commission’s approval process, Franke said.
WISPARK LLC, the real estate development subsidiary of Wisconsin Energy Corporation is the master developer for this site. The property is owned by One West Drexel LLC, which is a public/private partnership of the City and the developer designed to oversee the development of the property. Other entities that are part of the development team include Zilber Property Group, ENVIRON Consulting, GRAEF Engineering, Rinka Chung Architects, KM Construction Management and MidAmerica Real Estate Group.