Former Olympia site in Oconomowoc will have a public hearing on measures that would pave way for apartments
The city of Oconomowoc is seeking public input on a plan to amend its comprehensive land use plan and rezone 16.74 acres — measures that would allow for the new apartments proposed by Wangard Partners at the former Olympia Resort and Conference Center.
The public hearing is scheduled for 6:30 p.m. Feb. 13 in the council chambers on the second floor of city hall, 174 E. Wisconsin Ave.
The existing land-use plan identifies the property as suitable for commercial and office use; the land is currently zoned for general commercial.
If the city approves the proposed change, the parcel would be designated high-density residential and rezoned to residential multi-unit high.
Those changes would pave the way for 135 apartments with enclosed parking to be put into the former Olympia site.
On Nov. 29, 2018, Stewart Wangard, president and CEO of Wangard Partners, purchased the property for $3.4 million.
"We felt it was an overall reasonable price for the condition," Wangard said in December. "While we feel the area has very strong potential, the property needs a major reinvestment."
In August 2018, Olympia, along with owner Rick Eckert, was listed among six defendants in a foreclosure lawsuit brought by Home Federal Savings Bank, which is based in Rochester, Minnesota.
Olympia closed in January 2018 after employees were told of the closure at the company's Christmas party. The resort opened in 1974, and additional construction was completed between 1976 and 1983.
Wangard personally purchased the property, but planned in December to bring in other partners at some point.
"Our company traditionally has partners, and so at some point in the future I fully expect some of our existing partners will also come in," Wangard said. "The timing of it did not allow us to go in and get that set up rapidly. We had three weeks to close on it. We started the process, and we had to close immediately. We were not able to structure this in a traditional manner."
Wangard Partners manages about 1,000 apartment units in the metropolitan area, with about 3,000 residents in the various buildings. The company also manages more than 3 million square feet of commercial property.
Wangard also developed the Pleasant Prairie apartment complex in Oconomowoc. The apartment complex is west of Brown Street behind the Piggly Wiggly. Phase I and Phase II of the project are fully leased, while Phase III is 95 percent leased.
