Roundy's Supermarkets Inc., based in Milwaukee, has a signed a lease for 80,000 sf and will anchor the retail. The term of the lease is 15 years. Roundy's is expected to open "early to mid-2010," Berta says. The grocery store chain has 153 stores in Wisconsin and Minnesota. The development will have approximately 440,000 sf of retail space, Berta says. Only about 20% of the space is currently leased, but the venture is in talks with a fitness center, a couple of restaurants and a "couple of national soft good retailers," he tells GlobeSt.com. "Unfortunately, we cannot announce any particular names at this time," he says. The asking lease rate for the retail is between $50 per sf and $60 per sf triple net for ground floor space and $35 per sf triple net for second floor space, Berta says. RKF Retail Property Advisors, based in New York City, and Chicago-based Mid-America Real Estate Group, are the brokers for the development.

NewCity is being developed on an 8.5-acre site. Along with the two-floor space, NewCity will have a residential tower, with retail on the lower floors, which will have up to 27 stories. The residential units will have a mix of one- and two-bedroom units as well as penthouses with three or more bedrooms. It has not been decided yet if the residential units will be apartments or condominiums, he says. The average size of the units is expected to be approximately 1,000 sf. If the units are rented, the rental rate is expected to be between $2.30 per sf and $2.50 per sf and, if the units are sold, the sales price is expected to be approximately $400 per sf, Berta says. Ten percent of the units will be designated for people of low-income and 10% will be designated affordable housing.

The venture was planning on approximately 490 residential units, but are now planning on reducing that number because of the current housing market, Berta says. "We are looking at possibly having some other uses," he says. A hotel "is one option we are considering," he confirmed. There will be underground parking for the residential units and a total of 900 parking spaces in a six-story parking garage for people visiting the retail. OKW Architects, based here, is designing the project. Construction is expected to begin in the late summer or early fall, although utility work is currently underway.