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By Sean Ryan
The city has two potential sites — the 31-acre Iceport property near downtown and a contaminated site on the northern edge of
Fritts and the majority of
“When you lay it all out,” Fritts said, “if you put a big-box retailer on the (Iceport) site, you really lose the ability to maximize the value of the site.”
Scott Yauck, partner in Cobalt Partners, said he plans to develop a big-box retail store on his
But two members of the Community Development Authority argue a big box at the Cobalt site, which is farther from downtown
“At least with the Iceport property,” he said, “you are dragging them at least a little bit into
Alderman Joseph Mikolajczak said he shares
Mikolajczak said his constituents prefer the Iceport property because it is within walking distance of city neighborhoods.
“It’s interesting now that the conversation has switched to: Where do we want to put it; not whether we can have it,” he said.
Fritts said that, based on the assessed values big-box stores have generated in other communities, project such as Continental’s would have roughly $18 million in property value. But the city is negotiating to bring a 300,000-square-foot industrial plant to the Iceport property, she said, that would generate $25 million in new value.
She said ongoing negotiations also prevent the city from disclosing the name of the potential industrial company.
Continental in 2007 proposed building a Walmart on the Iceport property, but the Cudahy Plan Commission rejected the project after residents opposed having a Walmart in town,
Fritts said next week she will negotiate with Cobalt and brokers for potential big-box tenants at the annual meeting of the International Council of Shopping Centers. She said
Source: Daily Reporter