Last updated on July 26th, 2022 at 04:24 pm
The Wauwatosa Community Development Authority has purchased the former Boston Store property at Mayfair Mall for $3.95 million.
The city was the successful bidder for the 216,664-square-foot building, which was auctioned off in June by TenX, a subsidiary of Co-Star. The buyer was not made public at that time, but the city announced that it was the buyer in a press release issued Monday.
Calling Mayfair Mall an important asset to the local economy, city officials said the investment and redevelopment of the store will ensure the mall continues to be a regional destination – one with “the highest retail sales of any mall in Wisconsin.”
City staff are apparently already working on innovative uses for the space and are crafting a development agreement that will be presented to the Common Council in the near future. The property, including the existing building and surrounding parking lots, is approximately 15 acres, according to the city.
“Maintaining Mayfair Mall as the premier mall in Wisconsin is critical to our local economy,” Wauwatosa Mayor Dennis McBride said in the release. “We’re excited about the redevelopment of this property and finding the right mix of uses that drive visitors, provide jobs, and increase our tax base.”
The property is one of a handful of Boston Store locations that were shuttered after the former retail giant, Bon-Ton, filed for bankruptcy in 2018. Those include stores at Brookfield Square in Brookfield, Southridge Mall in Greenfield, and Regency Mall in Racine. The Boston Store in downtown Milwaukee has already been partially repurposed. Kohl’s recently announced plans to open a 40,000-square-foot store on the ground floor of the HUB640 building, in a space that was once occupied by the department store.
An affiliate of Milwaukee-based developer Irgens Partners LLC purchased the former Brookfield Boston Store building in December of last year for $5.62 million. Irgens plans to redevelop the property with a mix of uses, including offices.