Greendale officers have a developer, a growth proposal and a TIF district in place to redevelop the previous Boston Retailer at Southridge Mall, however decades-old restrictions on the property have halted these plans for months.
Now, the village is starting a authorized course of to take away them.
The Boston Retailer property has been vacant since 2018 and was purchased by the village of Greendale in 2021.
Milwaukee-based developer Barrett Lo Visionary Improvement has entered into an settlement with the village to tear down the 220,000-square-foot constructing and construct 790 flats and 50,000 sq. toes of business area.
Nevertheless, restrictions written by previous mall house owners prohibit the village from redeveloping the land for something however one other division retailer. These restrictions can’t be lifted with out approval from the opposite property house owners at Southridge Mall and solely two of the three different house owners have reached an settlement with the village.
With a purpose to transfer the method alongside, the village is resorting to state statutes that permit the village to sentence the property and take away the restrictions, based on village supervisor Mike Hawes.
“At the moment, the village might want to proceed with the condemnation course of in an effort to transfer ahead with the brand new working settlement and revitalization of Southridge,” Hawes stated in a press release.
The condemnation course of would goal the restrictions managed by Houston-based Fidelis Realty Companions, which is the one proprietor that has not but reached an settlement with the village. This spring, Fidelis purchased the previous Sears retailer that’s now a Dick’s Sporting Items, T.J. Maxx and Golf Galaxy.
“The village has tried to work cooperatively with Fidelis over the previous six months on the brand new working settlement for Southridge,” Hawes stated.