NOW:53211:USA01012
http://widgets.journalinteractive.com/cache/JIResponseCacher.ashx?duration=5&url=http%3A%2F%2Fdata.wp.myweather.net%2FeWxII%2F%3Fdata%3D*USA01012
73°
H 73° L 72°
Cloudy | 3MPH

Developer sees restaurants, offices at Famous Footwear site

Dec. 21, 2006

WHITEFISH BAY - A pair of restaurants plus offices in a two-story building have been conceptually proposed for the Famous Footwear and vacant Talbots at 325 E. Silver Spring Drive.

The Community Development Authority is reviewing the plan.

The concept includes a request for $2.3 million in village funding. The property is in a tax-incremental financing district.

Tax-incremental financing is a mechanism that allows municipalities to borrow money to fund infrastructure improvements for an area that otherwise would be difficult to develop or redevelop. Money that would ordinarily be used to pay taxes on the increased value of the property is diverted from the tax roll to pay off the loan.

Developer requests a loan

The developer, Boulder Venture, which also built the recently completed bank/luxury condominium building at 5600 N. Lake Drive, projects an 18-year payback for the funding.

The CDA is reviewing that estimate, looking to possibly shorten the loan period.

The proposed restaurant/office building would eventually add an estimated $10 million to the tax base, according to Boulder Venture calculations. The total value of the property would become $11.6 million, the firm estimates.

The proposed building would have underground parking because the building itself would cover the Famous Footwear parking lot.

The proposal envisions two restaurants. One would be about the size of the Heinemann's Restaurant that closed across the street, which was roughly 4,000 square feet, and another at 5,000 square feet, Village Manager James Grassman said.

The Village Board would have to approve building plans and the proposed financing.

Three establishments

The owners of the building that contained Heinemann's Restaurant also are looking for an eatery to replace it.

"We have talked to a number of restaurateurs and we've been talking to one a little more seriously," said Rick Zimbric, one of the owners of the building.

Something might come about in a couple of months, he said.

Zimbric said the street could potentially support three restaurants, but they would have to be the right kind.

"If the restaurants are good, people will come from out of the area. If the neighborhood has to support them, no, it can't support three," Zimbric said.

This site uses Facebook comments to make it easier for you to contribute. If you see a comment you would like to flag for spam or abuse, click the "x" in the upper right of it. By posting, you agree to our Terms of Use.

Suburban News Roundup

E-mail Newsletter

Your link to the biggest stories in the suburbs delivered Thursday mornings.


Enter your e-mail address above and click "Sign Up Now!" to begin receiving your e-mail newsletter
Get the Newsletter!

Login or Register to manage all your newsletter preferences.

Community Watch

» Whitefish Bay memorializes woman killed in crosswalk 7/28

» Shorewood trustee wages unsuccessful campaign for later trick-or-treat times 7/28

» Glendale evaluates city hall improvements 7/28

» 'Milwaukee lion' spotted in Glendale Updated:  7/28

» North Shore communities react to state ban on municipal home inspections at time of sale 7/27

» Brown Deer closes on sale of former American TV and Appliance building 7/27

» Woman robbed at gunpoint at Brown Deer bank 7/27

» Bizarre play leads to Homestead "9" sectional loss to Falls 7/22

» North Shore area baseball teams drop tough regional contests 7/22

» Whitefish Bay baseball team comes up just short of Falls in regional thriller 7/22

» Brown Deer municipal buildings need improvements 7/22

» The Suburban 16 Power Rankings: Watt, Niebrugge, and others on the next level 7/22

» Mequon seeks to develop 13 acres in town center district 7/22

» Niebrugge makes Homestead High proud again with finish at British Open 7/22

» Thiensville apartment developer agrees to consider smaller condominium development 7/22

» Whitefish Bay man allegedly charged officer with knives, screamed 'kill me' in officer-involved shooting 7/21

» Initial Reaction Podcast: A dumb-sports-fan's guide to the Bucks arena financing situation 7/21

» JCC Maccabi Games will bring 1,000 teen athletes to the North Shore 7/21

» Glendale man turns craft beer into specialty malt vinegars 7/20

» Mequon's Jordan Niebrugge finishes 6th, low amateur at British Open 7/20

» Homestead catches fire en route to baseball sectional 7/17

» Gile rescues Falls again in 4-3 regional win over Whitefish Bay 7/17

» Greenfield's Bella Matthias headlines the 2015 All-Suburban Softball Team 7/16

» Mequon's Jordan Niebrugge sets St. Andrews amateur record with 67 at British Open Updated:  7/16

» Feds say suburban Milwaukee man created online 'bazaar for hackers' Updated:  7/15

View All Posts Got a tip? Welcome rss

Advertisement

Advertisement

Advertisement

Local Business Directory

CONNECT