A major redevelopment at Mayfair Mall in Wauwatosa took a step forward Tuesday night with the approval of initial development terms and associated tax incremental financing by the city’s Common Council.
Milwaukee-based developer Barrett Lo Visionary Development (BLVD) is proposing a $400 million development with more than 900 market-rate apartments around the former Boston Store site at the mall.
To help with financing, the city approved a TIF plan for $57.9 million in city spending to accompany the first phase of development, which will include 463 residential units, 6,667 square feet of commercial space and a structure with 617 parking stalls.
Pending success of the first phase, two more phases could follow to total around 918 apartments with another 3,000 square feet of retail space.
“We’re grateful for the Common Council’s shared enthusiasm on this transformational project that will help secure the future of Mayfair Mall, by creating a new anchor destination, and increase the city of Wauwatosa’s tax base for decades to come,” said Rick Barrett, founder of BLVD. “Our team at Barrett Lo looks forward to continued partnership with Wauwatosa as we work together to advance this project and create a new neighborhood for Wauwatosa residents to enjoy.”
But not all council members were enthusiastic about the project, or the city financing that’s part of it. Three council members voted against the TIF plan.
“Approving this TIF is a misuse of our taxpayer funds, and it’s a betrayal of our taxpayers’ trust. Just wait for the outcry as more and more details come out,” said Alderman Joseph Makhlouf, adding that Mayfair Mall is not a blighted property and should not be a contender for TIF.
City staff said that while Mayfair Mall is Wisconsin’s premier mall, the parcel that includes the former Boston Store and its parking lots are blighted. The Boston Store space has been vacant since the store closed in 2018.
Of the proposed TIF money, $4 million would be used for watermain improvements and pedestrian connections around the site, $7.8 million on other site improvements and $35.7 million in developer incentives, including a $2.5 million pre-development loan to be repaid by the developer. The TIF plan also includes $9.9 million in interest expenses.
“I just want people to think about one word here: Northridge. Let me repeat: Northridge. If that’s what we want, we can have that,” Mayor Dennis McBride said of rejecting the development.
Mayfair Mall is Wauwatosa’s second-highest taxpayer, making its success crucial to the city’s financial future, city staff said.
The city said it plans to work with Mayfair Mall’s owners, Brookfield Properties, to find a new retailer for the former Boston Store building.
The city of Wauwatosa purchased the vacant 15-acre Boston Store property at Mayfair Mall last July for $3.95 million with the intent of redeveloping the site.
Designed by Chicago-based architecture firm KTGY, the Barrett Lo project will include modern sustainability features including green roofs, electric vehicle charging stations, bike and pedestrian pathways, renewable power sources and stormwater storage.
Project construction will support opportunities for small businesses and will work to hire 25% of the construction workforce needed from distressed zip codes within Milwaukee County. BLVD has committed to complete at least 25% of the construction and professional services work with registered Disadvantaged Business Enterprises (DBEs).
