BROOKFIELD, WI – IM Properties announced on Wednesday the purchase of 4.25 acres comprising three parcels of land at the southeast corner of Bluemound Rd and N Barker Rd in the town of Brookfield, according to a news release.
The purchase includes the now-closed La Quinta hotel, KFC and Jose’s Blue Sombrero properties, which will be demolished this spring.
IM has entered into an agreement with Marriott International in which IM will develop, own and operate an upscale, full-service Tribute Portfolio hotel. The planned 140-room hotel will be located on the west side of Lord Street and will form part of the next phase of the mixed-use development, which IM calls the West End. The hotel is expected to open by summer 2024.
“It will be a one-of-a-kind hotel that aligns perfectly with our carefully selected tenant mix and will be a central hub for the community,” said Robert Gould, IM Properties US Division Head and CEO of Brookfield Corners LLC. “We work with branding consultants to create something truly unique and relevant to the community and our customer base.”
The purchase of the land gives IM exclusive ownership of over 6/10 mile of main frontage on I-94, the westbound off-ramp, N Barker Rd and Bluemound Rd.
“More than 200,000 vehicles pass this project every day, and assembling this land allows us to plan a more integrated, functional and sustainable mix of uses centered on The Corners, Town of Brookfield. This is a truly unique and strategically important site in this vibrant corridor overlooking one of the most commercially important intersections on I-94 between Milwaukee and Madison,” said Gould.
“We have been planning for some time to assemble the land to the west as part of our strategy to further develop The Corners as a regional gem and landmark.”
The Corners opened in 2017 and has drawn guests from southeast Wisconsin and beyond with its wide array of dining, shopping, entertainment, community events and more.
Demolition of the old hotel and two restaurants is expected to begin before the end of April 2021. In the meantime, IM will dedicate the site to City of Brookfield and Waukesha County first responders for emergency response training purposes. .
“Having the opportunity to work with a company that has the commitment, vision, integrity, long-term outlook and financial strength of IM Properties has been very rewarding for the city’s strategy to regenerate this important commercial corridor,” said Brookfield City Administrator Tom Hagie. “This regionally significant site offers a phenomenal opportunity for urban renewal that will benefit city residents, property owners, the tax base and the wider community of Waukesha County. The city looks forward to working with IM in the months and years to come.”