We Energies sold its former Pleasant Prairie Power Plant property for $24.1 million to a Nevada developer that plans at least three industrial buildings valued at more than $230 million.

That redevelopment is led by Dermody Properties of Nevada that last year secured a contract to buy the 198-acre property from Wisconsin Electric Power Co., which operates as We Energies. Dermody, under agreements to receive village financial support, will have a first new building online by 2025, and all three likely completed by 2029.

We Energies retired the plant in April 2018 and tore it down last year. The proceeds of the property sale to Dermody will go back into We Energies operations, according to a We Energies spokesman.

The sale opens the prospect of more speculative industrial development in Kenosha County. The first building would have about 550,000 square feet, followed by two more with 620,000 square feet and 1.1 million square feet.

Pleasant Prairie officials in January approved a development agreement with Dermody to help pay for the public roads and utilities needed to convert the power plant property into an industrial park capable of hosting multiple businesses. The public improvements alone are to cost almost $7.8 million, according to that January development agreement.

In exchange for paying those costs, the village agreed to refund back to Dermody up to half of the annual property taxes generated by the business park.

Read more at the Milwaukee Business Journal.