Pabst Farms mall developer quits
Pabst Farms Retail Inc. will take over project
City of Oconomowoc - Rather quietly, news has leaked out that Diversified Development Realty (DDR) is no longer the developer of the Pabst Farms Town Centre. Pabst spokesman Thad Nation called the development a "slow-moving story that started about three weeks ago."
"In the last few months, Developers Diversified Realty Corp. transferred ownership of Pabst Farms Towne Center to Stonebridge Capital, and all responsibilities to lease and further develop the Pabst Farms Town Centre are now the sole responsibility of Pabst Farms Retail Inc. (PFR)," Nation said.
PFR was in attendance at the May International Council of Shopping Centers conference "and saw significant retailer interest in the project that they are now following up on.
"We feel very good about where we are," Nation said.
He said the change was a mutual decision. "It was the result of discussions over several months. It was determined to be in the best interest of both parties," he said.
Nation said PFR has the experience needed to eventually develop the mall.
"The Pabst Farms Retail group is an experienced group with individuals who have worked all over the country on major retail development," he said.
He said the change would not affect the developer's agreement with the city.
"We have kept the city informed of the development changes along the way," Nation said.
Mayor Jim Daley said the separation between DDR and Pabst was more strategic than anything. "I think DDR had different priorities and I don't think it hurts the project but strengthens the focus," Daley said.
DDR was unavailable for comment by press time.
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