Village of Greendale officials last week approved a development agreement, including in $10 million tax incremental financing (TIF), with Indianapolis-based Simon Property Group Inc. for the redevelopment plans for Southridge Mall.
Simon plans to do a “multi-million dollar” redevelopment of Southridge, including a renovation and upgrade of the mall’s interior, according to village officials. Initial renovation work at the mall is expected to begin in early 2011 and is expected to be completed in the spring of 2012.
The 1.2 million-square-foot mall is anchored by Kohl’s, Sears, JCPenney and Boston Store. Simon is in negotiations to attract another anchor tenant to fill the vacant former Younker’s space. According to a commercial real estate source, Simon is talking to Cincinnati-based Macy’s Inc. about filling that space with a Macy’s department store.
“It has been a top priority for our village board to re-energize Southridge, not only to secure the value the mall provides Greendale, but also to ensure the long-term economic stability of the village,” said village president John Hermes. “Enhancing Southridge will complement the village’s ongoing commitment to revitalizing the 76th Street commercial area.”
