Daily News Staff, April 24, 2024
SLINGER — Three Leaf Partners held a groundbreaking Thursday for Merchant Village in Slinger, a development at the southwest quadrant of Interstate 41 and state Highway 60.
According to Alex Rexrode, VP of Development at Three Leaf Development, the project is a multi-phased, mixed-use development consisting of about 130 acres in Slinger. When completed, the development will have various commercial uses, including convenience stores, hospitality, senior living, a medical office, financial services, and light industrial/manufacturing. The space also includes over 14 acres of native prairie and habitat for honeybees, butterflies and other pollinators.
According to Rexrode, the Joint Review Board approved the creation of a tax incremental district (TID #8) last May. As part of the TID, the village committed $7.75 million upfront through a bond sale to fund the initial infrastructure for the development. The bond will be repaid as businesses open and property tax revenue is generated. Once the bond is paid off, tax revenues continue to be collected. Upon completion, the estimated assessed property value is over $75 million.
Three Leaf Partners closed on he land in December. Favorable weather has allowed for timely demolition, clearing and grubbing as well as select grading processes to take place. According to Rexrode, Construction of Phase 1 infrastructure — roads, utilities, etc. — will be complete later this year.
Phase 2 and Phase 3 will be driven by market demand, a traffic signal will be installed at the entrance to the development, and over the next couple years WisDOT will complete improvements to improve capacity and safety throughout the corridor at the I-41 interchange and along Highway 60.
The development also includes a new regional sanitary lift station and relocation/ extension of sewer, water, gas, electrical and telecom services.
“Without the community’s support, this project does not happen,” said Rexrode. “At the end of the day, this development will have a significant impact to the economic vitality of the region and will be a part of many people’s lives for generations to come — a lasting legacy for everyone involved.”
