Planned Oak Creek developments seek city cash

A planned 89-acre Oak Creek business park, a separate industrial building and some retail developments could all receive city financing help under new proposals pending before city officials.

All three projects are the subjects of new proposed tax incremental financing districts. The Oak Creek Common Council at its Tuesday night meeting will consider directing city staffers to take preliminary steps to create those three districts.

Under such districts, city funds are repaid through property taxes from the new developments. More detailed plans, including specific city funding proposals, would require future Common Council approval.

The three proposed developments are:

Ryan Business Park, which would be on 137 acres south and west of the intersection of S. 13th St. and W. Ryan Road. Around 89 acres would be available for developing new light industrial buildings, according to a city report.

Ryan Business Park could eventually have buildings totaling 1.1 million square feet, with an estimated value of $81 million, according to developers Capstone Quadrangle and General Capital Group.

The site is now mainly farmland and land owned by Milwaukee County. The business park’s development would include swapping 27 acres of county-owned land for privately owned parcels that include wetlands — including 8 acres suitable for a park.

A 180,000-squarefoot light industrial building near the northwest corner of S. 6th St. and W. Rawson Ave.

That building would have an estimated value of more than $10 million, according to Chicagobased developer HSA Acquisitions Inc.

That 10.4-acre site is now largely vacant.

A pair of retail buildings, totaling 28,000 square feet, near the northeast corner of S. 6th St. and W. Drexel Ave., just north of Drexel Town Square.

Those buildings would have an estimated value of $7.8 million, according to ICAP Development LLC.

That 5.9-acre site now includes a self-storage center and Roth Heating Co.’s building, according to a city report.