City of Oconomowoc acquires land for Olympia Fields project
Mixed-use development to have housing, offices
Another piece of the Olympia Fields project was put into place recently when city of Oconomowoc officials gave the go-ahead to acquire 11.8 acres through condemnation.
The property is an important piece to the proposed mixed-use development, which is slated to include a medical office building, newly created commercial outlots and structures, rehabilitated existing commercial real estate and multifamily housing units.
On March 16, the common council directed city attorney Stan Riffle to pay $2.6 million to property owner Park Studios LLC, which is linked to Edmond Baysari. Baysari died in September 2018 without a will.
According to Waukesha County tax records, the property has an estimated fair market value of more than $2.9 million.
The property, at 1375 Royale Mile Road, includes the site of the former Scotsland Theatres, which opened in 1974. According to a 1996 Milwaukee Journal Sentinel article, the Scotsland had the first Dolby sound system in Wisconsin. The theater closed in 1996 and is connected to a hallway that is attached to the hotel.
Bob Duffy, Oconomowoc’s director of economic development, said the property includes a parking lot that was once home to Sentry and an expo center. Since the 11.8-acre parcel features a private roadway, Duffy said it was crucial for the city to purchase the property.
“In order for us to make improvements to the intersection at Summit Avenue and come into this site, that’s what you need,” Duffy said. “Most people who traveled there made the assumption that was a public road. That is not a public road.”
In January 2021, the city signed a public/private partnership tax increment agreement with developer Wangard Partners. The agreement will ensure the installation of the public utilities, roadway system and public and private amenities needed to support the redevelopment of the area around the proposed Olympia Fields.
Wangard is deciding on a contractor to raze the former hotel. Duffy said environmental work such as asbestos removal will need to be completed before demolition can occur.