PROJECT OVERVIEW
TRANSFORMING DOWNTOWN DELAFIELD
Once a tired gas station, 705 Genesee is ready to transform into a true live, work and play destination. Situated on a prime corner in downtown Delafield, the one-acre site will consist of two four-story buildings containing retail, residential, office and a food hall.
The $25 million project includes 125 combined surface and underground parking stalls to service office users and public, an 8,000-sq.-ft. food hall, 12,000 sq. ft. of additional retail and restaurant space, and 54,000 sq. ft. of office space.
2
BUILDINGS
4
STORIES
125
PARKING STALLS
18,000
SQ FT OF RETAIL / FOOD HALL SPACE
54,000
SQ FEET OFFICE SPACE
IMPACT ON DELAFIELD
The proposed development at 705 Genesee will fill a void in downtown Delafield by providing much-needed office space, residential units and retail/restaurant space. In addition, the project will be a boon for the local economy. Based on data from the U.S. BEA, it is estimated that the project will produce 290 construction jobs and another 625 jobs will be supported once the development is up and running.
Developing the vacant site at 705 Genesee will also have a positive fiscal impact on the city. As the property sits, the land is assessed at $800,000 and generates property taxes of $12,000 annually. With the proposed development budget of $25 million, the site would generate property taxes of $385,000, an increase of $373,000 in property taxes annually.
ECONOMIC IMPACT
Construction Phase
$47 million total output
$14 million total earnings
290 jobs total employment
Business Operations Phase
$72 million total output
$25.5 million total earnings
625 jobs total employment
*Economic impact estimated using Three Rivers Model and most recent data from the U.S. Bureau of Economic Analysis' RIMS II database for the Milwaukee-Waukesha MSA.
PROPERTY TAX IMPACT
Existing Vacant Site
$802,500 assessed property value
$12,281 property taxes
Proposed Project
$25 million assessed property value
$384,687 property taxes
Incremental
$24,197,500 assessed property value
$372,336 property taxes
