Milwaukee-based Barrett Lo Visionary Development plans to redevelop the former Boston Store site at Southridge Mall in Greendale.
The developer of The Couture high-rise under construction in downtown Milwaukee has entered into a deal with the Village of Greendale, which purchased the 219,800-square-foot Boston Store building for $3.3 million in July. The Village Board is expected to discuss and consider approving the redevelopment agreement on Tuesday.
The village declined to share additional details on the agreement, but Rick Barrett, founder and chief executive officer of Barrett Lo, issued a statement describing a shared vision for a mixed-use development at the site with “new apartment options for residents, modern retail amenities and significant new tax base to the community.”
“We would be thrilled to partner with the Village of Greendale on this historic, transformational project on the nearly 15-acre site of the abandoned Boston Store at Wisconsin’s largest shopping mall,” said Barrett.
He alluded to the company’s past developments as “destination projects,” saying the Greendale project will be designed with the same goal.
The $190 million, 44-story Couture started construction in May. Crews recently reached the bottom of the hole dig, and are now driving piles and pouring concrete. It is slated for completion in 2023, though Barrett hasn’t given a specific date beyond that. Check out the latest aerial photos of construction progress here.
Southridge is on its way to foreclosure following a signed agreement between the mall’s owner, Indianapolis-based Simon Property Group, and its lender, JPMBB Commercial Mortgage Securities Trust 2014-C19. The property, excluding the Boston Store site, is set to go into foreclosure and be sold through a public auction conducted by the Milwaukee County Sheriff.
The area’s four Boston Store properties were put up for auction last year and were not sold. Last month, Milwaukee-based Irgens Partners LLC said it was buying the former Boston Store building at Brookfield Square mall and plans to tear down the building and redevelop the site into a mix of uses, including offices.
