Milwaukee-based Barrett Lo Visionary Development unveiled renderings and new details for the $400 million, 918-unit, multi-building apartment development that it plans to build near the former Boston Store at the southern portion of the Mayfair Mall property in Wauwatosa.
The project is planned for parking areas around the former Boston Store space and would be built in three phases over 10-12 years, according to plans presented by the developer to the city’s Financial Affairs Committee on Tuesday. The phased development plan calls for:
- Phase 1: Up to 463 apartment units and up to 9,970 square feet of retail space.
- Phase 2: Up to 220 apartment units.
- Phase 3: Up to 235 apartment units and up to 2,739 square feet of retail space.
Barrett Lo says the buildings in the development will include “modern sustainability features” including green roofs, electric vehicle charging stations, bike and pedestrian pathways, renewable power sources and stormwater storage.
The city of Wauwatosa is considering a $57.9 million tax incremental financing (TIF) package to assist the project. Of the proposed TIF money, $4 million would be used for watermain improvements and pedestrian connections around the site, $7.8 million on other site improvements and $35.7 million in developer incentives, including a $2.5 million pre-development loan to be repaid by the developer. The TIF plan also includes $9.9 million in interest expenses.
Barrett Lo said that, as part of its development agreement with the city, it will complete 25% of the construction and professional services work on the project with registered Disadvantaged Business Enterprises. In addition, it pledges to work to hire 25% of its construction workforce from distressed zip codes within Milwaukee County.
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.
The city of Wauwatosa purchased the vacant 15-acre Boston Store property at Mayfair Mall last July for $3.95 million with the intent of redeveloping the site. The city said it plans to work with Mayfair Mall’s owners, Brookfield Properties, to find a new retailer for the former Boston Store building.
Barrett Lo is touting its Mayfair Mall project as beneficial to the city by increasing its tax base and providing population density to support the mall and its stores.
“The site of the former Boston Store building and surrounding 15 acres of parking lots have been vacant since 2018. This development will provide a retail and housing anchor for decades to come,” the firm said in a project fact sheet.
