Mayfair owner to partner with Pabst Farms

Agreement signed to develop next phase of Oconomowoc project

Waukesha Freeman, June 16, 2006

By DAVE BACKMANN
Freeman Staff

OCONOMOWOC A large, Chicago-based Real Estate Investment Trust, with holdings that include Mayfair shopping mall in Wauwatosa, will partner with Pabst Farms officials to build a second phase of shopping and entertainment outlets in the 110-acre development here.

General Growth Partners Inc., which owns more than 200 upscale shopping malls nationally, including Fox River Mall in Appleton and Water Tower Place in Chicago, will take the lead in securing tenants for the proposed Pabst Farms Town Centre, Peter Bell, Pabst Farms president, said Thursday.

This will appeal to a wide range of users, Bell said. As I have said before, it will offer a sense of place and a sense of experience.

No anchor stores were identified Thursday. Bell said he expects to announce an anchor retailer by years end.

The regional shopping and entertainment center at the northeast corner of Interstate 94 and Highway 67 will encompass about 1 million square feet. A news release from General Growth listed highlights as an open-air streetscape with plazas, fountains and space for community events in a pedestrian-friendly environment.

Pabst Farms Town Centre will include a mix of national department stores, a multi-screen theater complex, upscale stores and top-tier restaurants, a General Growth news release stated.

The open-air center will offer a rare shopping experience to customers within Wisconsin and beyond, Bell said. General Growth Properties brings tremendous expertise as the nations second largest owner, manager and developer of shopping centers. We are very excited to be working with General Growth on one of the most important components of our master-planned community.

Neither Bell nor General Growth spokesman Jim Graham would disclose which specific retailers they are courting for the development. However, both acknowledged that companies such as General Growth typically have relationships with specific retailers and that a store in one of its malls is likely to be found in the companys other properties.
They also said the relatively short distance between Oconomowoc and Wauwatosa would not preclude an anchor store at Mayfair, such as Marshall Fields, from coming to Pabst Farms Town Centre.

Mayfairs other major tenants include Crate & Barrel, Boston Store, Pottery Barn, Coldwater Creek, Talbots and Barnes & Noble.

Among that malls top restaurants are the Cheesecake Factory, Maggianos Little Italy and P.F. Changs.

Pabst Farms and Mayfair will really complement each other in a similar way and in a dissimilar way, Bell said.

Pabst Farms Town Centre is in the design phase, he said. When ground is broken depends on how soon tenants are signed to leases.

Pabst Farms Town Centre is planned in an area where Aurora Health Care also has proposed building a $166 million, 88-bed hospital and office building.

Officials from Aurora and the city of Oconomowoc, as well as Bell, repeatedly have said they prefer the project be constructed nearby, on a location within the town of Summit.

When asked Thursday if he preferred the town of Summit site for the medical complex because he wanted the city site for Pabst Farms Town Centre, Bell offered an open-ended response. It could be a reason, he said.

Bell and his staff acknowledged in February that they expected to publicly announce a development partner for Pabst Farms Town Centre immediately following the International Council of Shopping Centers spring conference in Las Vegas.

On Thursday, he said Pabst Farms and General Growth completed their talks and signed an agreement May 22, while representatives of both were attending the conference in Las Vegas.

Pabst Farms Town Centre is the second phase of retail development planned at Pabst Farms.

Last summer, a Pick n Save grocery store opened as the anchor tenant in Market Place at Pabst Farms. That convenience and service retail center includes other national chains such as Starbucks Coffee and Cingular Wireless.

Thursdays announcement comes with about 10 percent of the planned 1,200 housing units Pabst Farms completed. To date, 170 lots have been sold and 100 homes built.

Bell said he expects to begin construction of Village Square, a condominium component, this fall.

Oconomowoc Mayor Maury Sullivan said of the General Growth partnership announcement, This affiliation will not only enhance the overall appeal of Pabst Farms, but also complement the Oconomowoc community as a whole, bringing with it new recognition and visibility.