Transwestern, the exclusive broker for the former Dairyland Greyhound Park, is closing in on negotiations with prospective suitors who want to develop it into a high-end industrial park.
Thomas Boyle, a Transwestern principal, said he has a few offers for the 228.4-acre parcel and is currently negotiating terms. While he declined to name prospective buyers — or the selling price — he suggested they are working out terms and could soon finalize a deal. He did not say whether the interested parties are bidding for the land.
Boyle had earlier said the site is prime land that could attract significant interest and an attractive selling price. “We believe this is the no. 1 site in southwestern Wisconsin. It’s a premier site,” he said in August.
The former greyhound racing facility, at 5522 104th Ave., was rebranded as the Midwest Innovation Center in August and listed on the commercial real estate market, months after Gov. Scott Waker rejected a Menominee Nation and Hard Rock International proposal to build a $800 million casino and entertainment complex. Race track operations ended in 2009.
The MIC has been marketed as a good location for businesses interested in easy access to transportation and a large workforce, of skilled and non-skilled potential employees. A descriptive commercial marketing profile also suggests there are available municipal incentives. and that Kenosha County is a “pro-business community with an excellent labor profile.” The parcel, according to Transwestern, already has more than 80 acres of paved areas, and utilities within the perimeter.
Located near Interstate 94 and Highway 158, the property is 6.6 miles from the Illinois border and within a 30-minute drive from Milwaukee’s Mitchell Airport, 45-minutes from Chicago’s O’Hare international Air0port and is adjacent to the Kenosha Regional Airport.
Industrial park development would bring another business and industrial facility to Kenosha County that has attracted several Illinois companies from across the border.
Boyle, the broker who helped Kenall Manufacturing relocate from Illinois to the Business Park of Kenosha. said the property owner, Pari-Mutuel Funding, wants to sell the parcel as a single unit, not break it up into several land tracts.