The Caledonia Village Board unanimously approved a development agreement with Sussex-based Cornerstone Development of Southeast Wisconsin, LLC for parcels located in Tax Incremental District No. 5, west of Waters Edge Road/Erie Street.
These properties were formerly a doctor’s office and the Western Publishing Company parking lot. The development totals 18.5 acres and is to be named “The Glen at Water’s Edge.”
This development is across the street from the Water’s Edge Condominium development, which was approved in September 2020 to be located at addresses including 5915, 5919 and 5945 Waters Edge Road.
Cornerstone Development proposed to construct 30 single-family homes with an estimated completion value of $15 million.
The Village of Caledonia created TID No. 5 as a “rehabilitation-conservation” district. This project adheres to that plan by providing a five-acre park in the TID No. 5 boundary and extends Five Mile Road from Waters Edge Road to the current endpoint of Five Mile Road near N. Pointe Drive, providing improved vehicular circulation and access, village plans say.
The 30 homes will range from approximately 1,600 to 2,600 square feet, not including lower levels. The average lot size is estimated to be 12,000 square feet.