Milwaukee development firm
Mandel Group has purchased its latest project site.
The 24-acre site, located northeast of South 76th Street and West Cold Spring Road, was purchased from the City of Greenfield for $4 million, according to state property records.
The property is currently occupied by the mostly vacant Spring Mall, which Mandel plans to demolish and replace with 257 market-rate apartment units in two-story "garden-style" buildings.
The development would be called Cold Spring Crossing and is slated to have a mix of studio, one-, two- and three-bedroom units centered around a courtyard with amenities including a pool, plans show. Milwaukee-based
Engberg Anderson is the project's architect.
Mandel plans to keep some of the existing retail space that is used by
Meyer’s Restaurant and Bar, the mall’s only remaining commercial tenant.
The City of Greenfield approved Mandel's project plans in May. In September, the city approved a tax incremental district that would incentivize the Spring Mall redevelopment, which is estimated to increase the property's value by $58 million by the end of 2026, according to a project plan for the TID. Mandel would receive up to 95% of the annual property taxes the development generates over 24 years, totaling $32.6 million.
The city
selected Mandel to redevelop the site in 2024 after issuing a request for proposals that received two responses.
Approximately three years ago, Seattle-based
Amazon presented Greenfield officials with plans to build a distribution facility on the property before dropping plans. After another redevelopment proposal for the site, from Milwaukee-based Cobalt Partners with about 370 housing units, also fell through, the city purchased the site and began the RFP process.
Representatives from Mandel Group did not immediately respond to a request for comment on the project's timeline, but have said that construction could begin this year.
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