Last updated on September 20th, 2019 at 05:31 pm
Ongoing talk and plans for a new and improved Bayshore Town Center in Glendale are beginning to come to fruition.
Dallas-based developer Cypress Equities Managed Services L.P. have submitted the first set of updated plans for the estimated $75 million redevelopment project, which includes downsizing the mall’s retail space and demolishing or converting existing buildings for other uses such as residential units, a hotel, independent senior living, a medical facility, restaurants and office space.
Cypress released the plans almost a year after making its original proposal to the City of Glendale in November 2018.
The underlying vision for the reimagined shopping center remains the same, but a new collection of renderings published on the city’s website provides a look at both drastic and subtle changes on tap for the existing mall structure.
According to those renderings, Total Wine & More will occupy the former Sports Authority building on the northwest side of the property; the mall’s rotunda will house a “makerspace” and a new espresso bar and will be accessible through an east side entrance; the town square green space will be reshaped into a circle and renamed “town center,” including more seating and outdoor activities; a massive TV screen will be fastened to the building west of the town center; the former iPic movie theater will remain entertainment space and will be part of the mall’s designated “entertainment block.”
Glendale’s Community Development Authority will review the plans during a Sept. 23 meeting “to ensure the plans adhere to the design guidelines,” according to city documents.
In June, Glendale approved a new financing plan that includes a public funding subsidy of up to $36.7 million, depending on the project’s success.
That means mall owner New York-based AIG Global Real Estate Services will cover the entire cost of the project (without any immediate help from the city) in addition to paying off the city’s remaining $56.6 million in outstanding tax financing debt, which was incurred to help fund Bayshore’s original $300 million redevelopment project in 2002.
The struggling Bayshore now has upwards of 50 vacant tenant spaces after suffering the losses of stores such as Boston Store, Sports Authority, J.Crew, Teavana, American Eagle, Shaw’s Jewelers, Charlotte Russe, Payless ShoeSource and Gymboree.
Minor construction at the mall has already begun. Read more about Dallas-based developer Cypress Equities Managed Services L.P.’s plans for a reimagined Bayshore Town Center in BizTimes Milwaukee’s recent cover story, “Sink or Swim.”