The Village of Greendale on Tuesday approved plans for a mixed-use development project at the former Boston Store site at Southridge Mall.Milwaukee-based Barrett Lo Visionary Development is heading the project, which will include a residential complex with up to 790 apartment units and underground parking, as well as 50,000 square feet of retail and commercial space. The residential complex will have a mix of one-, two- and three-bedroom units and will be constructed in three phases. The 219,800-square-foot department store building, which was purchased by the village for $3.3 million in July, will be torn down. A construction timeline was not disclosed. Barrett Lo is the developer of The Couture, a $190 million, 44-story luxury apartment building currently under construction in downtown Milwaukee. Other projects by the firm include The Moderne Apartments in downtown Milwaukee and the Emerald Row apartments at Drexel Town Square in Oak Creek."We are passionate about working on big, bold projects that really make a difference for communities," said Rick Barrett, founder and chief executive officer of Barrett Lo in a statement Wednesday afternoon. "That’s exactly what we see with this public-private partnership - an opportunity to create a real destination for Greendale, with a mixed-use upscale lifestyle center that generates significant new tax base and value for the community.The Greendale project is expected to "enhance and/or stabilize the tax base, improve the vitality of the Southridge Mall area, attract new residents, and build the village’s reputation and value," the village said in a news release Wednesday."The village has always looked for ways to improve the Southridge Mall area and the 76th Street Business Corridor. We will continue to work with property owners in the mall area to continue the effort that led to the revitalization of the Southridge Mall area. Our past efforts have led to many developments and redevelopments in the mall area," according to the release.Those projects include the 90-unit Berkshire Greendale senior housing complex on Grange Avenue; the remodel of a former Kohl's grocery store into a Bed, Bath & Beyond store; conversion of the former Younkers department store into a Macy's store; $65 million interior-exterior renovation of Southridge Mall; and the redevelopment of the mall's former Sears store into a new Dick’s Sporting Goods Store, Golf Galaxy, TJ Maxx, and Round 1 Bowling and Amusement Complex.This news comes as 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.
[caption id="attachment_539982" align="aligncenter" width="1280"] Southridge Mall in Greendale.[/caption]
Holiday flash sale! Subscribe to BizTimes and save nearly 40%!