Wauwatosa-based Irgens Partners has updated its redevelopment plans at the north end of Brookfield Square mall, but the project hinges on financial support from the city.
Irgens and Visit Brookfield have proposed a public market to anchor the redevelopment, which will also include medical office space and retail uses, replacing the now-demolished Boston Store that closed in 2018.
The development team has requested $20 million in support for the project.
According to letters submitted to Brookfield’s Community Development Authority, Visit Brookfield is requesting approximately $16.2 million in tax incremental financing to support the public market component of the project, which would feature an atrium for small vendors, two larger retail spaces and an outdoor event space.
“It will feature a diverse array of local vendors offering fresh produce, artisanal foods, unique crafts, and a variety of culinary experiences, all housed within a beautifully designed, accessible space,” Visit Brookfield, the city’s convention and visitors bureau, said in a memo to the city. “More than just a market, it will be a true community gathering place, fostering connection and celebrating local entrepreneurship. We believe that TIF funding is a crucial component to make this vision a reality.”
Visit Brookfield would purchase the public market after it is built. The organization said it plans to invest $1.5 million of its own funds into the project.
Around the proposed Brookfield Public Market, Irgens plans to develop a 44,000-square-foot medical office building on the western side of the property; a 120,000-square-foot, two-story, single-tenant retail building for an unnamed “experiential” tenant across a greenspace from the public market; and a retail strip building of approximately 13,000 square feet to the north of public market.
A version of the project shared in February featured a different configuration of retail space.
Irgens is requesting a separate $4.5 million in TIF to support a number of site improvements and development costs including design and engineering services, site excavation and grading utility repairs and replacement and sanitary sewer interceptor improvements, among others. Much of the site’s utilities and infrastructure has not been updated since the mall was constructed 60 years ago, according to Irgens.
Irgens purchased the 16-acre former Boston Store site in 2021 for $5.6 million and, since then, has invested $10.8 million into the former Boston Store, including acquisition costs, an “unexpectedly long and costly” four-year holding period, according to a memo submitted to the city.
The development team’s requests will be reviewed by the city next week.
