Greendale To Consider Spending $10.5M In Boston Store Redevelopment

GREENDALE, WI — The Village of Greendale will consider spending $10.5 million to help a developer create hundreds of new apartments, retail space and a plaza at the former Boston Store property at Southridge Mall.

The village announced it would consider creating a sixth tax incremental district to fund the Barrett Lo project. Around $8.8 million of Greendale's proposed funding would go to infrastructure at the site, the village said in its news announcement.

Whatever funding does come for the project, if it is approved by the village, could be recouped within the 27-year life of the TID because of the new tax base created, the village said. With the development, the village expects new land and improvements at the site to be valued in the future at over $100 million.

The Village Board went ahead with a purchase of the nearly 15-acre site in May of 2021, a month after declaring it blighted. Then, in December, the village announced the plans that emerged for the site.

Up to 790 apartments, made up of one-, two- and three-bedroom units, with underground parking, plus 50,000 square feet of space for new retail could come. When first pitching the project to the public in December, the village said it would improve the vitality of the mall area, plus attract new residents and further the village's tax base.

The drafted project plan is set for a presentation to the Greendale Joint Review Board on Aug. 31 at 4 p.m. and is slated to move ahead to the village's plan commission for a public hearing at 5 p.m. the same day. Looking ahead, the project will still require approval from the village board and joint review board.

The infrastructure spending the village is to consider for the project includes walkways, sidewalks, utilities, plus natural and green spaces, according to the draft plan.