Tenant will likely kill $40 million housing project
Declining a buyout to its lease, a tenant in the Lakeside Shopping Center has put the brakes on a $40 million housing project by developer Joe Krupp, according to a Wisconsin State Journal report. The project at Monona Drive and Cottage Grove Road on the city’s east side may be dropped by the developer because one tenant, NerdHaven Arcade, has a long-term lease with the current shopping center owner and has declined a buyout. The development proposal included the demolition of the 26,300-square-foot shopping center, the former Jade Monkey bar, and the Exhaust Pros muffler shop to make way for two four-story buildings that would include 188 apartments, 20,350 square feet of commercial space, and parking. Krupp owns the bar and muffler shop sites but could not purchase the shopping center due to the long-term lease the arcade business has with the current shopping center owner.