The parking lot around the former Boston Store at Mayfair Mall in Wauwatosa could be redeveloped with 906 apartments under a new plan.
The three-phase plan calls for building 463 residential units, 6,667 square feet of commercial space and a structure with 617 parking stalls in phase one. The remaining residential units would be built after the first phase has been stabilized.
That’s according to a new tax incremental financing district (TIF) plan that calls for $57.9 million in city spending for the redevelopment. The TIF plan does not identify a developer for the project.
The TIF money would be used for watermain improvements and pedestrian connections around the site, as well as other site improvements.
Once all three phases are complete, the city would have $111.6 million in additional taxable property by 2027, the plan says.
The city of Wauwatosa purchased the vacant 15-acre Boston Store property last July for $3.95 million with the intent of redeveloping the site.
See more about the project from WISN-TV Channel 12, a media partner of BizTimes Milwaukee. The city said it plans on working with Mayfair’s owners, Brookfield Properties, in finding a new retailer for the former Boston Store building, according to the Channel 12 report.
All of the Boston Store locations were shuttered after its parent company Bon-Ton filed for bankruptcy in 2018. In addition to the Mayfair Mall store, those included stores at Brookfield Square in Brookfield, Southridge Mall in Greenfield and Regency Mall in Racine.
An affiliate of Milwaukee-based developer Irgens purchased the former Brookfield Square Boston Store building in 2021 for $5.62 million. Irgens plans to redevelop that property with a mix of office, medical office and commercial space.
At Southridge Mall in Greendale, Barrett Lo Visionary Development has plans to redevelop that site with up to 790 apartments and 50,000 square feet of commercial space.
