Politics & Government

Old Kmart Building May See Major Changes

An area real estate development company plans to purchase the former Kmart building on Sunset Drive and is looking for a $2.6 million pay-as-you-go tax incremental financing incentive from the City of Waukesha.

The Waukesha Kmart building has been vacant for more than a year, but a large redevelopment project is in the works.

The Endeavour Corporation is purchasing the property and is renovating the former Kmart building into several commercial units, according to City Planner Jennifer Andrews. The real estate development company also intends to build two satellite stores on the property that is located near South East Avenue and East Sunset Drive.

The city is looking to provide a $2.6 million pay as you go tax incremental financing incentive to the developer, according to Andrews. The proposal would require the city to pay the $2.6 million to the developer from the increased property taxes on the newly developed property.

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The Waukesha Common Council approved a similar incentive program when the city agreed to provide $3.5 million in a pay-as-you-go financing opportunity to Woodman’s.

The city is looking to build a tax incremental financing district along Sunset Drive between Tenny and Garfield avenues. A public hearing about the district’s boundaries will be held at 6:30 p.m. May 1 at City Hall.

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