Majestic Realty Co. is proposing to build three commercial buildings in Caledonia on spec that would offer 750,000 square feet of development space as part of a planned business park.
The company is currently seeking tenants from the Racine County and the Chicago/Milwaukee region for the planned business park, which would be on the south side of Highway K east of Golf Road. The property includes 56.3 acres, which are currently zoned M2-general industrial district. Majestic has submitted a request to rezone the property to heavy industrial district and is also seeking to change the village comprehensive plan from mixed use-commercial, residential and medium density residential to an industrial/business park.
“The Milwaukee/Chicago corridor continues to prove itself as a magnet for investment and we are ready to make the necessary investments to welcome new development to our community,” said Bob Bradley, president of the village of Caledonia.
With vacancy rates for industrial buildings between 3 percent and 5 percent, Racine County has one of the lowest vacancy rates for industrial and warehouse/distribution facilities in the southeastern Wisconsin region, according to the Racine County Economic Development Corp.
“As one of the largest privately held industrial developers in the U.S., it is imperative that we know the markets that we plan to make an investment,” said Taylor Talt, of Majestic Realty. “With Racine County we found a growing business community, solid partnerships and a healthy investment environment and we are excited about the future of this development site.”
The matter has been put on the village planning commission agenda for a public hearing at 6 p.m. on March 26 at the East Side Community Center, 6156 Douglas Ave. Construction is expected to start this spring with the first building, which would be available by October 2014.
Reporter Denise Lockwood covers manufacturing and education for the Milwaukee Business Journal.
Link to Original Article: http://www.bizjournals.com/milwaukee/news/2014/03/13/developer-proposes-new-business-park-in-caledonia.html