Bell not worried about economy

Posted: June 10, 2009

City of Oconomowoc – Developer Peter Bell does not anticipate changing the plans for Pabst Farms despite a national economic recession, a housing slump, or a big surplus inventory of residential and retail properties in Lake Country.

"The current economy is going to have an impact on us short term, but not long term."

"The vision for Pabst Farms to be an integrated community in which to work, live and play has not changed, and will not change," Bell said in a recent exclusive interview with Lake Country Publications.

"There are some aspects of the development that are ahead of schedule, there are some aspects that are lagging behind because of the economy," he added.

"This economy is a financial challenge but we have weathered these before," Bell said.

Bell is the chairman of First Realty Company, a Chicago based real estate firm that his family has owned for more than 150 years.

"We knew this financial difficulty was coming. We just didn't know when. We went through it in the 1980s, we have been through it in the 1990s. This will pass as well," he concluded.

Bell said the economy has probably had the most impact on the development of 2,000 residential units on the 1,500 acre mixed use community.

"The only thing that is lagging a little bit is the residential side but that is not a key component to every thing else and it has never been a key component,' he said.

The residential units are one part of a master plan that includes one million square feet of retail space, two million square feet of office space and research park and as many as four hotels when the project is fully developed

In addition, one of the anchors for the master plan is the newly constructed Aurora Health Care Center which Bell anticipates will attract additional health care, hospitality, and retail business to the development.

Bell believes that the location of Pabst Farms and the plans to integrate various residential, commercial and retail uses will help it survive the economic recession and rebound when the economy improves.

He points out the development is adjacent to Interstate 94 between Milwaukee and Madison, two urban communities that can provide labor force, services and consumers for Pabst Farms.

In addition, he believes commercial and retail users will be attracted to Pabst Farms because of its integrated plans and despite the large inventory of available residential and retail units in Lake Country.

"You take a look at the number of jobs that are going to be created here. You take a look at the number of people moving along I-94," he said.

"If you build a retail center and business center that is what people are looking for today, in the way they want to live, shop, and work, you will attract the best users and people are going to want to be part of this," he concluded.