Shorewood — Shorewood officials have unveiled a $13.9 million financing plan to assist in the development of a new Metro Market grocery store, parking structure and retail-residential building on Oakland Avenue.
The two-level, 80,000-square-foot Metro Market grocery store would be the first phase of a project that would replace everything from the old Walgreens parking lot on Kenmore Place to the current Pick 'n Save grocery store at Olive Street. The Metro Market grocery store would be located on the northwest corner of Oakland Avenue and Kenmore Place. North of the grocery store, a four-story, 350-stall parking garage will be constructed, providing an additional 150 parking stalls in that area.
The Metro Market is expected to be built by the fall of 2015. The construction work would begin in September, when contractors plan to raze the former Harry Schwarz book store and the old Walgreen's store, which moved into a new mixed-use building on the opposite side of Kenmore Place.
After the first phase of the project is completed, construction work will move northward with a building that will house 80 upscale apartments and 15,000 square feet of retail space. Parking for tenants would be provided within the building. This phase of construction would begin in the fall of 2015 and be completed in 2016.
Shorewood will contribute $13.9 million to the roughly $40 million project. The village's contribution includes a $6 million grant for the parking structure, a $6.5 million loan to construct Metro Market and $1.4 million in costs for financing and professional services. The $6.5 million loan would be paid back through a newly-created tax incremental finance district, which is an economic development tool that helps local governments fund redevelopment projects.
The project is expected to create an additional $30.2 million in value, which will generate increased tax revenue to pay back the village for its loan. Village officials expect the TID will be paid off in 15 years, which is 12 years sooner than the state of Wisconsin requires TIF spending to be paid back. The TIF agreement requires the developer to build all phases of the project before receiving a grant from the village.
Metro Market, which is owned by Roundy's and has three metro-Milwaukee locations, will offer a fresh selection of produce, meat and seafood as well as a sushi bar, wine bar, olive oil bar and smoothie bar. There will also be a vegan department and an expanded organics line as well as other casual restaurant options.
"The proposed Metro Market addition is consistent with our vision of what we want Shorewood's business district to accomplish in order to enhance the vitality of our village," Village President Guy Johnson said. "This is a bold project that is benefiting from the helpful ideas coming from many different citizen groups and individuals."
The village plans to hold a series of public meetings on the project. The final meeting will be June 2, and that will include a public hearing and a final vote by the Joint Review Board, which consists of representatives from the Shorewood Village Board, Shorewood Community Development Authority, Shorewood School Board, Milwaukee County and Milwaukee Area Technical College.
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