Chicago-based HSA Commercial Real Estate is working on plans for a redevelopment project of the 92,000-square-foot Plaza 173 shopping center at 17300 W. Bluemound Road in Brookfield.
A joint venture of HSA and Innovative Capital Advisors purchased the property earlier this year for $7.6 million.
“We do plan on redeveloping that property,” said Tim Blum, executive vice president and managing director of HSA’s retail brokerage division.
The project will consist of a redevelopment of the existing structure with a new façade, new mechanical systems and numerous other upgrades, he said.
“We will be bringing it up to modern shopping center standards,” Blum said. “It’s fairly antiquated. It needs upgrading in virtually every way, shape and form.”
The shopping center is currently about 50 percent occupied. Tenants include Dunham’s, Men’s Wearhouse, Famous Footwear and Kesslers Diamonds.
HSA plans to retain existing tenants and seek new tenants. The new tenants will determine how the redevelopment project is done, Blum said.
“I can’t comment on any new users at this point,” he said.
The property’s location at the northwest corner of Bluemound Road and Calhoun Road make Plaza 173 an important retail property for Brookfield, said the city’s director of community development, Dan Ertl.
“It’s a pivotal property in the city of Brookfield,” Ertl said. “It’s at a pivotal intersection that is prime for redevelopment. It’s grand central for retail in Brookfield, besides the (Brookfield Square) mall.