Land sale closes for Aldi's in Lake Hallie
TBL has learned that the purchase of 5.1 acres in the Village of Lake Hallie to an Eden Prairie,MN-based development firm was finalized this week.
LH Associates, formerly known as SDC Equities, has acquired four acres from Design Homes and 1.1 acres from Cliff Spickler to develop a 16,500-square-foot Aldi's Grocery Store, a 16,000-square-foot retail strip center and a 4,500-square-foot bank building along Commercial Boulevard, near the Wal-Mart Superstore.
"We plan to break ground the first week in April. We've got several interested tenants, but we cannot announce who they are yet," said Bruce Peterson, a partner in the firm with Bruce Lundgren.
Peterson said the retail center will be very similar to the Red Cedar Plaza, which is located on the west side of Highway 25 in Menomonie, across from Wal-Mart.
The Village of Lake Hallie assisted with the land acquisition by providing funds from its tax incremental finance (TIF) district to purchase the Spickler parcel.
Dick Erickson of Richwell Real Estate represented Spickler in the sale of his property.
Peterson said the project is expected to be completed by November, 2007. TBL