Woodman's Food Market Purchases Former Spancrete Building

Woodman’s Food Market, which is looking to start construction in Waukesha this year, has purchased the former Spancrete building for $11.9 million, according to The Business Journal.

The property at the site at East Main Street and Highway 164 was designated as being in The 238,873-square-foot building will have eight outlots for additional commercial businesses.

The project is receiving a $3.5 million in tax incremental financing incentives from City of Waukesha to locate at the site. is expected to open in summer of 2013 if all moves forward. The store plans on hiring 119 full-time and 100 part-time employees.

The project is expected to increase the property value of the Woodman’s site by $15 million. The value of the property would increase with additional commercial buildings in the outlots.

The is giving Woodman’s $3.5 million in “pay as you go” expenses that would be paid “partially or in full through development incentives,” according to a city document.

 “This means that Woodman’s would pay for the $3,500,000 TID incentive up front and as the tax increment from the project is realized the city would reimburse Woodman’s for this up front cost,” the document states. “This scenario puts all the development risk on the Woodman’s. If the project does not result in the values anticipated then they will not be reimbursed the total $3,500,000 anticipated.

"In these uncertain economic times this scenario is provides the City with the economic development tool needed to satisfy the financial gaps in proposed development plans without putting the taxing entities at any financial risk.”