Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CALEDONIA, WI-Legacy Development Co., which had planned the 320-acre, mixed-use Twelve Oaks development here, at a reported cost of almost $400 million, has dropped the project. A local group of investors bought the property from the Franksville-based firm for a reported $6.9 million, and has started working with the community to design a new plan.

The property is at Highway K and Highway V, about a mile from Interstate 94. Legacy’s plan was for about 700 single-family and multifamily homes, as well as 250,000 sf of non-residential space, likely office and retail (though the original 2006 plan had twice the commercial development sited). Legacy officials could not be reached for comment.

The new plan is a mystery, Caledonia officials tell GlobeSt.com. The new investors met with the village to figure out ways of keeping the development going, and allowing the TIF set for the project to continue.

Chris Schanz, community development specialist for the village, says more commercial may be needed after all. “It’s still planned to be mixed-use, but perhaps more commercial,” he says. “The prior plan called for more residential, but with the market the way it is right now, we’re leaning more toward commercial, especially with the location along I-94. That seems to make more sense.”

Schanz says the investors, who have not yet been named, have said they want to move the project forward. “There is some more work to do, the property owner says they want to make sure it is developed right,” he says.

Village administrator Tom Lebak tells GlobeSt.com that the TIF needs to be started soon for the project, which he hopes will begin later this year. “The water and sewer for the space has to get done. Our land use plan for that area calls for mixed-use commercial and residential development there,” he says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.