January 11, 2022 – West Bend, WI – “We’re targeting a four-tenant development,” said Cory Presnick, Principal at Corta Development.
Corta Development secured the purchase of the former Shopko building, 1710 S. Main Street in West Bend, on December 17, 2021.
“If we get the approvals we anticipate from our national retailers, then that’s the plan,” Presnick said. “It’s never as fast as you’d like but we’re in negotiations and trying to lock them in as quickly as we can.”
Corta Development has transformed similar Shopko properties in Sheboygan and Fond du Lac. Presnick declined to name the four retailers he was working on for West Bend.
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In Fond du Lac the former Shopko property is home to Big Lots and Hobby Lobby with a Taco Johns in the out lot.
In Sheboygan the former Shopko property is home to Ross Dress for Less and Hobby Lobby.
In Janesville, discussion is revolving around turning that former Shopko into a Hy-vee grocery with a new Wahlburgers bar and grill and possibly a Starbucks.
Presnick said right now they are focused on the building itself. “Although we do plan to build a small national retailer in the former garden center area right in front of the loading dock,” he said. “It will be a little more gross leasable area there.”
“Right now, our plan is to have three inside the building and one tacked on as a new build. The outparcels will be in another phase in the future.”
Presnick said his firm had “work to do because there are restrictions in the existing declaration, where we have to negotiate with the adjacent owner to be able to develop the outparcels.”
The adjacent owners, according to Presnick, are Hobby Lobby and Kohl’s. “They actually own everything around us and we’re party to a restrictive covenant agreement that’s on the title that would restrict new parcel development,” he said. “They would have to approve anything we do outside of the building. At this point we’re trying to work that out.”
The size of the building is 350,000 square feet and it is sitting on 9.44 acres.
Presnick said the building itself is pretty deep. “Not all the tenants will want to go that deep. So, we will have some, quote unquote, dead space in the back.”
At this point, Presnick said he is “definitely focused on getting the retail done first.”
Questioned on the timeline Presnick is hoping to have more information in April or May.