Greendale says yes to a nearly 800-unit apartment development at the former Boston Store at Southridge
Elected leaders in Greendale have given a local developer the green light to transform the former Boston Store property at Southridge Mall into a four-story, 790-unit apartment development.
The village board on Tuesday voted 5-1 to approve a draft redevelopment agreement between the village and Barrett Lo Visionary Development to construct the apartments and bring 50,000 to 60,000 square feet of commercial space to the nearly 15-acre property.
The plan calls for building the apartments over a three-phase period "extending well into the future," said attorney Alan Marcuvitz of von Briesen & Roper, working as development counsel for the village.
Marcuvitz said the agreement isn't in its final form, but the board's vote approves the concept expressed in the document and authorizes village officials to execute the agreement when it's completed.
"This is a moving target," Marcuvitz said. "We were going back and forth on some matters (Tuesday) which still need to be squared away. I think we probably can accomplish that within the next week or 10 days."
The potential value of the development is pegged at more than $100 million, Marcuvitz said.
Nearly 800 units are planned
Rick Barrett, who operates Milwaukee-based Barrett Lo, said they're in the initial stages of the concept, but currently are projecting 790 units with a mix of one, two and three bedrooms. The sizes are yet to be determined.
There would be four stories of residential space above parking, he said.
There will be underground parking. Whether there will be at-grade parking wasn't immediately clear.
"We're looking to create a mixed-used, lifestyle center that's upscale with a village green that becomes a center point of the residential, the new food and beverage, the new retail that would be added to the project," Barrett said after the board's vote.
A construction timeline has yet to be determined, he said.
Barrett Lo is best known for developing the Couture residential high-rise on Milwaukee's lakefront.
The firm also has done suburban apartments developments, including the Emerald Row project at Oak Creek's Drexel Town Square mixed-use site.
In May, the Greendale Village Board voted to buy the former Boston Store and its parking lot for $3.3 million with plans to make it available for new development.
The purchase was completed in July.
The building has been vacant since Bon-Ton Stores Inc., the operator of Boston Store and other department store chains, was liquidated in 2018.
Board's vote not unanimous
Elaine Unger was the only trustee to vote against the proposal.
"I'm concerned about the upfront risk to the village and the negative impact on the village bond rating," Unger said.
She also expressed concern about the conveyance of additional public infrastructure to the village — things such as roads, sidewalks and green space — that could create additional workload for the DPW and village staff.
Trustee Ronald Barbian, who voted yes, said the village board has had "many, many closed session meetings"' to try to find the right developer and thinks they have.
"The quality products that this company provides are all through the local area," Barbian said. "They fit in well with what we're looking for."
He said the project is just the first step of revitalizing the whole area.
"The tax base of this area is vital to the survival of Greendale," he said. "And this is going to enhance it."
Trustees Collen Fechtmeyer, Robby McFaul and Donna Ouellette and Village President Jason Cyborowski also voted in favor of the development.
Matt Sell abstained.
"I would have loved to vote yes, but I want to recuse myself because I was a commercial real estate lender for about 15 years, so I've done business with the majority of real estate developers and landlords in the city and surrounding areas," Sell said. "So I just figured it would be best since I've had past business relationships through my bank, that I just recuse myself of voting on the matter."
After the vote, applause filled the room, coming from both the audience and board members.
Barrett said they're thrilled with the decision.
"We can't wait. This is an amazing village," he said. "We're very excited to be here. And I heard a roomful of supporters that made me feel great."
Contact Bob Dohr at 262-361-9140 or bob.dohr@jrn.com. Follow him on Twitter at @BobDohr1.
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This article originally appeared on Milwaukee Journal Sentinel: Nearly 800 apartment units planned for former Southridge Boston Store
