Greendale officials are planning to create a tax increment finance district to assist with the redevelopment of the former Boston Store at Southridge Mall.
The proposal comes about eight months after village officials approved plans for a mixed-use development project at the long-shuttered former department store site.
Milwaukee-based Barrett Lo Visionary Development is heading the redevelopment, which is expected to 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.
According to a proposed project plan for district, which has been dubbed TID #6, the village would use increment generated by the TID to pay for just over $10.5 million in project costs. Those include $8.8 million in infrastructure construction costs (presumably a loan the village would take out against the TID), $550,000 in carrying costs, and $641,778 to pay for interest on a loan that would not be reimbursed by the developer. Another $530,512 would be spent on planning, engineering, legal and administrative costs.
Since new TIDs must be approved by all impacted taxing bodies, the village plans to present the draft project plan for the TID #6 to the Joint Review Board for consideration on Aug. 31. Once the Joint Review Board approves the TID, it can be considered by the village’s Plan Commission and Village Board.
The TID itself would span approximately 14.82 acres located in the Southridge Mall area. Village officials estimate that the improvements in the TID will eventually result in $100 million in new property value