Two large parcels of property in Caledonia changed hands on Friday, but the two investors that bought the properties have different views on how they want to use the land.
Kenosha-based Pitts Brothers & Associates LLC sold a 63-acre parcel of land on the south side of Highway K near Interstate 94 to Butler-based Slinger Cheese LLC for $1.15 million and a 67-acre parcel on the southwest corner of HIghway 38 and 4 Mile Road to RJTTEC LLP for $600,000.
In the short-term, Ajit (Jay) Walia, the listed agent for Slinger Cheese, and Thomas Leuenberger, president of Nelson Electric Supply, the agent for RJTTEC LLP plan to continue renting the land to farmers. But Walia intends to develop his property while Leuenberger wants to keep the property as is.
Walia said there is no cheese company. He bought the land on Highway K to develop. He’s thinking it would be good for a possible hotel and multi-family property. While his property doesn’t directly have anything to do with Foxconn, he’s hoping that the mega-development will indirectly spur the need for a hotel or multi-family housing.
“I bought this land because a lot of the homework has already been done in Caledonia,” Walia said. “The sewer and water are already out there. But we’ll look at what is needed… it’s going to depend on what Caledonia is looking for, but it looks like they’d like to see more commercial development out there.”
Governor Scott Walker signed a $3 billion 15-year tax incentive package to establish Wisconnn Valley, which is where electronics manufacturer Foxconn Technology Group is expected to construct a $10 billion manufacturing campus.
Expected to be five times the size of the Pentagon, the campus for the 20 million-square-foot 1,000-acre manufacturing facility has not officially been named. However, the Village of Mount Pleasant hired a project coordinator for the Foxconn project earlier this month. The village also requested that the Racine Water and Wastewater Utility expand and extend water and sewer capacity for an anticipated development.
Leuenberger bought the property on Highway 38 as a long-term personal investment only.
“It’s tillable land that we plan on continuing to lease to the farmer. So there will be no change in the use… and it has nothing to do with Foxconn,” Leuenberger said.
Over the next few months, Walia plans to work with other landowners to see what their intentions are in developing adjacent parcels. He already knows that a gas station bought the land across the street, he said.