Commercial real estate firm Irgens purchased the Ruby Farm property on Calhoun Road on Monday for $10.17 million, state records show.
The land is zoned for offices, and developer Mark Irgens told the Business Journal in May that the company was considering building three or four high-end offices there, as well as some housing and retail spaces.
Dan Ertl, director of community development for the city of Brookfield, said office developments would fit well with the other businesses on Bluemound Road, which borders the property to the north.
"That's our last remaining major parcel in the Bluemound Road corridor," Ertl said. "The city will expect that Irgens follow the city's master plan for that area, which envisions a mixed-use project complementary to the business corridor and being a good neighbor to the single-family home neighborhood."
Ertl said although the office market is soft now, he expects it will be better down the road.
"We don't make development decisions based on the next 12 months," Ertl said. "We look at the long haul and eventually the job growth and office market will rebound, and it would add to the economic base of our business corridor that exists there today."
Ertl said the city is waiting for Irgens to submit a detailed plan for the area. Among the first questions will be how to extend a roadway and utilities to the site and who will pay for it.
Residents with the Concerned Calhoun Community group will meet at 7 p.m. today, Oct. 2, to discuss the project in the cafeteria at Swanson Elementary School, 305 N. Calhoun Road.
Check back with NOW tonight for an update, or follow @RoryLinnane_NOW on Twitter to get updates from the meeting.
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