September 25, 2023

Greater than 900 flats might be constructed round former Boston Retailer at Mayfair Mall

The vacant former Boston Retailer at Mayfair Mall. Picture from LoopNet

The car parking zone across the former Boston Retailer at Mayfair Mall in Wauwatosa might be redeveloped with 906 flats underneath a brand new plan.

The three-phase plan requires constructing 463 residential models, 6,667 sq. ft of economic house and a construction with 617 parking stalls in part one. The remaining residential models could be constructed after the primary part has been stabilized.

That’s in line with a brand new tax incremental financing district (TIF) plan that requires $57.9 million in metropolis spending for the redevelopment. The TIF plan doesn’t establish a developer for the mission.

The TIF cash could be used for watermain enhancements and pedestrian connections across the website, in addition to different website enhancements.

As soon as all three phases are full, the town would have $111.6 million in extra taxable property by 2027, the plan says.

The town of Wauwatosa bought the vacant 15-acre Boston Retailer property final July for $3.95 million with the intent of redeveloping the location.

See extra in regards to the mission from WISN-TV Channel 12, a media accomplice of BizTimes Milwaukee. The town stated it plans on working with Mayfair’s homeowners, Brookfield Properties, to find a brand new retailer for the previous Boston Retailer constructing, in line with the Channel 12 report.

The entire Boston Retailer areas had been shuttered after its guardian firm Bon-Ton filed for chapter in 2018. Along with the Mayfair Mall retailer, these included shops at Brookfield Sq. in Brookfield, Southridge Mall in Greenfield and Regency Mall in Racine.

An affiliate of Milwaukee-based developer Irgens bought the previous Brookfield Sq. Boston Retailer constructing in 2021 for $5.62 million. Irgens plans to redevelop that property with a mixture of workplace, medical workplace and business house.

At Southridge Mall in Greendale, Barrett Lo Visionary Improvement has plans to redevelop that website with as much as 790 flats and 50,000 sq. ft of economic house.