The Bon-Ton Stores Inc. announced that it has reached an agreement with City of Milwaukee officials to extend the lease for its Boston Store location at 331 W. Wisconsin Ave. in The Shops of Grand Avenue in downtown Milwaukee.
The deal is contingent on the city providing $300,000 annually, not to exceed $1.2 million total, from an existing downtown tax incremental financing district (TIF), to Bon-Ton. The funds must be used by the company to support the downtown Milwaukee store. To receive the funds, Bon-Ton must maintain at least 750 full time equivalent employees at the store and at its Milwaukee corporate headquarters, located above the store. The company also has headquarters operations in York, Pa.
The extended store lease term would coincide with the extended lease term for the company’s corporate offices above the store. Both leases expire on Jan. 31, 2018.
“This agreement says a lot about both the history and the future of this part of Wisconsin Avenue,” said Rocky Marcoux, commissioner of the city’s Development of City Development. “It maintains a long-standing and valued retailer at this location, and it sends a message to other developers and investors that this neighborhood offers great opportunity moving forward.”
To be enacted the deal requires approval of the Milwaukee Common Council.